2021 holiday spending predictions: Prepare now for an early shopping season

by InsightVault

Retailers are looking forward to the gift of an early and lucrative holiday shopping season this year. Credit unions should gear up now to help their members enjoy a pleasant and stress-free payment experience, whether in-store or online.

Last year, in the midst of the pandemic, overall holiday season shopping sales actually grew over 2019 by 8.3%. Despite the lingering effects of the pandemic and serious supply-chain concerns, we anticipate another strong holiday shopping season this year, with Mastercard projecting U.S. retail sales to grow by 7.4% compared with 2020, and 11.1% over 2019.

Following are our payment trends predictions for the upcoming holiday shopping season, along with some recommendations for how credit unions can meet their members’ payment needs and enhance the member experience:

 

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