Industry News

Early Look at US Holiday Spending Shows Gain of 4.2%

According to Visa, this year marked a turning point, with AI shaping product discovery and comparison shopping.

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By: Christine Esposito

Editor-in-Chief

Photo: Shutterstock/Drazen Zigic

Preliminary data released by Visa Consulting & Analytics shows that overall holiday retail spending increased 4.2% year over year across all payment types, including cash and check. The figures were not adjusted for inflation.

The data was released by Visa on Dec. 23, 2025.

“Whether shoppers were upgrading their tech, refreshing their closets, or stocking up at one‑stop shops, retailers delivered seamless shopping experiences both in stores and online,” said Wayne Best, chief economist at Visa. “This season also marked a turning point, with artificial intelligence shaping how people discover products, compare prices and interact with offers. This led to a more informed, more intentional consumer, ensuring they could stretch their discretionary spending.”

According to the data, 73% of holiday payment volume was in physical stores while 27% of retail spend happened online. Online retail spending rose 7.8%, driven by early-season promotions and convenience.

In the US, general merchandise stores saw a 3.7% lift with consumers seeking convenience, according to VCA’s Retail Spend Monitor.

The VCA Retail Spend Monitor analyzes retail sales activity over a seven-week period beginning Nov. 1, using a subset of Visa payments network data in the US and survey-based estimates for other payment methods.  

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