US holiday spending grew just 0.1% YoY in 2024, far below 2020's 20.9%. TikTok Shop surged 225.9%, with Shein and Temu outpacing Amazon, Nike, and Under Armour. Inflation and cautious spending reshaped consumer behavior.
US holiday sales grew by a marginal 0.1% YoY, sharply lower than 2020's 20.9% surge.
Spending lagged 1.4% mid-November, with slight recovery in December.
Sluggish growth is tied to inflation and cautious consumer spending.
TikTok Shop grew by 225.9% YoY, dominating the holiday season.
Shein (20.5%) and Temu (18.5%) also saw strong growth.
Legacy players like Nike (-21.2%), and Under Armour (-21.8%) struggled.
Is inflation permanently shifting retail dynamics?
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