维萨报告：电商与电子产品消费拉动本季假日零售销售额增长 4.2%

Core Insights - Visa's preliminary data indicates that U.S. holiday retail sales increased by 4.2% year-over-year, unadjusted for inflation [1][8] - E-commerce sales surged by 7.8%, while physical stores accounted for nearly three-quarters of total retail spending [1][8] - Sales of electronic products rose significantly by 5.8%, attributed to consumer demand for high-performance devices in the era of artificial intelligence [1][5] Retail Performance - The report highlights that despite ongoing economic headwinds, consumer spending remains resilient, particularly in technology and personal goods [3][10] - The data is based on Visa's U.S. payment network transactions, tracking consumer spending behavior over a seven-week period starting November 1, excluding automotive, gasoline, and dining expenditures [3][10] - Offline spending represented 73% of total retail payments, while online spending made up the remaining 27% [3][10] Consumer Behavior Trends - Visa's Chief Economist, Michael Brown, noted a decline in consumer confidence compared to the previous year, yet spending levels remain strong [4][11] - The influence of artificial intelligence on consumer behavior is growing, with about half of consumers using AI tools for price comparison and gift selection [4][11] - Spending patterns indicate a shift towards personal items and convenience products, with home improvement spending cooling off [5][12] Category-Specific Insights - Electronics emerged as the best-performing category with a 5.8% year-over-year sales increase, driven by a wave of product upgrades [5][11] - Apparel and accessories also performed well, with a 5.3% increase, while department stores focusing on one-stop shopping saw a 3.7% rise [12] - Conversely, home improvement spending declined by 1%, indicating a preference for holiday gifts and digital products over home renovations [12][13] Inflation Impact - The overall growth data is positive for the retail sector, but the unadjusted figures suggest that actual sales growth may be more moderate when considering the consumer price index [6][14] - After adjusting for inflation, the actual year-over-year growth in retail consumption for the holiday season is approximately 2.2% [7][15] - A recent survey revealed that 41% of Americans plan to reduce their holiday spending, a 6 percentage point increase from the previous year, highlighting the impact of high prices on consumer behavior [7][15]