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MONEY
2015 Holiday Shopping

Holiday spending jumped 7.9% this year, fueled by savings on cheap gas

Nathan Bomey
USA TODAY

Holiday shoppers spent 7.9% more this year than they did in 2014, according to one early gauge, but they were expected to gravitate more toward online sellers, and brick-and-mortar retailers could feel the impact.

The increase in U.S. retail spending from Black Friday through Christmas Eve, excluding gasoline and vehicle purchases, outpaced last year's 5.5% uptick, according to MasterCard SpendingPulse figures released Monday.

The estimate tracks spending through all means of payment, including credit cards, debit cards, cash and checks — whether in person or online.

Consumers used savings from rock-bottom gasoline prices to spend on online purchases, furniture, travel and restaurants, in particular, according to MasterCard SpendingPulse.

In one notable shift, people are increasingly likely to go out to eat with family around the holidays.

"We saw a double-digit increase on Christmas Day itself," said Sarah Quinlan, senior vice president of market insights for MasterCard Advisors, in an interview. "I guess we didn’t go to Grandma’s house."

Quinlan said it's indicative of a broader trend toward "experiential spending" that she expects to continue after the holidays.

Millennials, who devote 52% of their food spending to restaurants and 48% on groceries, are more likely to spend on "creating memories rather than buying stuff," Quinlan said.

The broader uptick is an encouraging sign for the economy, in part because it serves as an indicator that consumers are finally starting to spend some of the savings they've gleaned from gasoline prices that fell below $2 per gallon in much of the country.

But the structural shift in spending toward online retailers is disquieting for many retailers that have failed to adapt to the digital transformation. Online spending rose 20%, compared with the same period in 2014.

The National Retail Federation projected in October that shoppers would handle 46.1% of their holiday shopping online, compared with 44.4% a year ago. NRF will release its official holiday retail projections in January.

Like the broader market, the stocks for several major retailers finished the day relatively flat on Monday, the first day of trading since Christmas. Walmart (WMT) closed down 0.1% at $60.75, Target (TGT) closed down 0.4% at $72.87 and Macy's (M) closed up 0.1% at $35.50.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.

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