Want to know how to spend your next $1?
Don’t waste another dime on bloated channel reporting and vanity metrics.
Don’t waste another dime on bloated channel reporting and vanity metrics.
Mastercard SpendingPulse provided the first look at data for the holiday shopping season as a whole.
We made it.
The 2022 holiday shopping season is mostly in the books. While final clearance sales and returns remain, Christmas marks the end of the bulk of the spending activity for retail's most important quarter of the year. Now, with a week left until 2023, it’s a time to take stock of this year's results.
Mastercard SpendingPulse delivered first with a day-after-Christmas data drop on Monday. The headline numbers for the period from Nov. 1- Dec. 24 were as follows:
Results were mixed in key categories.
Increases on an annual basis were reported in apparel (4.4%) and department stores (1%).
Yet declines were also observed in top gifting categories, including electronics (-5.3%) and jewelry (-5.4%).
Restaurant spending, which happens alongside holiday shopping, was up 15.1%, highlighting a notable push back toward in-store shopping.
The category trends will add evidence that shoppers were willing to spend on discounted merchandise in more moderately priced categories, but held back on bigger discretionary purchases in an economy where inflation and interest rates are leading consumers to make choices.
While Mastercard’s data is not adjusted for inflation, the numbers did show growth despite the heavy discounting that was observed taking place.
“Inflation altered the way U.S. consumers approached their holiday shopping – from hunting for the best deals to making trade-offs that stretched gift-giving budgets,” said Michelle Meyer, North America chief economist at Mastercard Economics Institute, in a statement. “Consumers and retailers navigated the season well, displaying resilience amid increasing economic pressures.”
Those pressures made the 2022 holiday season a difficult one to forecast. Even early results have been something of a puzzle. These data points, which measure in-store and online retail sales across all forms of payment, will be considered along with other broad measures and retailer earnings reports to determine how this peak season stacked up. With many results still set to come in, the postseason analysis is only just beginning.
On the Move has hiring news from Walmart US, Etsy, commercetools and more.
Judy Werthauser. (Photo via LinkedIn)
This week, retailers are bringing on C-level talent in areas such as people, operations and transformation. Plus, Kohl’s appoints an activist investor’s choice for CEO, Fanatics taps a former Snap executive for livestream shopping and Etsy brings aboard Facebook’s former general counsel.
Tom Kingsbury was appointed CEO of Kohl’s. Kingsbury was named interim CEO in December upon the resignation of now-Levi’s President Michelle Gass. Now, Kingsbury will have the job on a permanent basis. Kingsbury served as CEO of Burlington Stores from 2008-2019. Kingsbury was nominated by activist investor Macellum Advisors, which was pushing for change at Kohl’s. With Kingsbury’s appointment as CEO, Macellum has agreed to a “multi-year standstill.”
Judy Werthauser was appointed chief people officer at Walmart U.S. Werthauser comes to the teen-focused retailer from Five Below, where she served as EVP and chief experience officer. Over her four-year tenure, the chain grew from about 750 stores to more than 1,300 locations. Werthauser also served on the board of BJ's Wholesale Club, and is now resigning from that position. “I am excited to work alongside the world-class Walmart U.S. team as they bring the purpose of building a better world – helping people live better and renewing the planet while building thriving, resilient communities – to life,” Werthauser wrote in a LinkedIn post.
Mike Brewer was named chief operating officer at Crate & Barrel Holdings, overseeing operations at Crate & Barrel, CB2, Crate & Kids and Hudson Grace. Brewer brings 20 years of experience from Nike, where he served in roles including sourcing, manufacturing and supply chain. Crate & Barrel said Brewer’s appointment was part of the home retailer’s “ongoing efforts to evaluate and alter its structure in ways that help support overall growth.”
Keith Melker. (Courtesy photo)
Keith Melker was appointed chief strategy and transformation officer at JCPenney. Melker comes to the department store retailer from Wehner Multifamily, where he served as CEO. He was also a previous chief strategy officer at the Kimberly-Clark Corporation. Melker will oversee the transformation office, which includes ownership of metrics such as profitable traffic, inventory management, digital growth and strategic partnerships. With this move, Katie Mullen will remain chief strategy officer.
Blaine Trainor is joining ecommerce software provider commercetools as VP of global partnerships and alliances. In the role, Trainor will lead the headless commerce company’s partnerships ecosystem, working with companies including Deloitte, CapGemini, AWS and Google Cloud. Trainor previously served in senior leadership roles at SAP over a 12-year tenure, and also held sales roles at hybris software and Sterling Commerce.
Nick Bell, a former Google and Snap executive, will lead a new livestream shopping division of Fanatics, Footwear News reported. Bell previously led the teams behind Google Search Experience, and served as VP and global head of content and partnerships at Snap Inc. Bell will lead the Fanatics Live division, which will launch a standalone app that is geared toward collectibles.
NIck Bell. (Photo via LinkedIn)
Colin Stretch was appointed chief legal officer at corporate secretary at Etsy, effective Feb. 14. Stretch previously served as general counsel at Facebook from 2013-2019. He then spent two years as leader in residence at Columbia University Law School's Reuben Mark Initiative for Organizational Character & Leadership, and went on to the law firm Latham & Watkins.
"Colin's extensive experience will be critical to Etsy's efforts to ensure we remain a safe and trusted marketplace, broaden our reach across all our brands, and advocate for microbusinesses around the world,” said CEO Josh Silvermann, in a statement.