TRENDS AND INSIGHTS

Holiday retail spending increases across five markets

Visa Consulting and Analytics Retail Spend Monitor finds growth in both in-store and online retail sales

12/23/2025

As the year comes to an end, holiday shopping trends show insight into consumer behaviors and the future of commerce. Visa Consulting and Analytics (VCA) conducted an in-depth analysis of payment transactions for the seven-week period starting November 1, 2025.

Overall holiday retail spending rose across all payment methods in the United States, United Kingdom, Australia, South Africa, and Canada, according to the VCA Retail Spend Monitor. In the United States, electronics and clothing categories saw notable growth during the seven-week shopping period.

“Whether shoppers were upgrading their tech, refreshing their closets, or stocking up at one‑stop shops, retailers delivered seamless shopping experiences both in stores and online,” said Wayne Best, chief economist at Visa. “This season also marked a turning point, with artificial intelligence shaping how people discover products, compare prices, and interact with offers. This led to a more informed, more intentional consumer, ensuring they could stretch their discretionary spending.”

Here are the highlights and insights from the VCA Retail Spend Monitor report from five global markets.

United States

The findings revealed a 4.2% increase in growth in retail spend in the U.S.

Source: VCA Retail Spend Monitor is VCA’s estimate of U.S. retail holiday spending defined as retail sales excluding auto, gasoline, restaurants and other categories across all payment types over a 7-week period starting on Nov 1 of each year. The measure is constructed using a subset of U.S. VisaNet data combined with source data from the U.S. Department of Commerce.

United Kingdom

The findings revealed a 3.6% increase in spend when compared to the previous year.

Source: VCA Retail Spend Monitor is VCA’s estimate of U.K.’s retail holiday spending defined as retail sales excluding auto, gasoline, restaurants, and other categories across all payment types for the 7-week period beginning on Nov 1 of each year. The measure is constructed using a subset of U.K.’s VisaNet data combined with Euromonitor Payment and Lending data.

Australia

The findings revealed a 5.0% increase growth in retail spend in Australia.

Source: VCA Retail Spend Monitor is VCA’s estimate of Australia retail holiday local spending defined as retail sales excluding auto, gasoline, restaurants, and other categories across all payment types for the 7-week period beginning on Nov 1 of each year. The measure is constructed using a subset of Australia VisaNet Data combined with source data from the Australian Bureau of Statistics, and Reserve Bank of Australia.

South Africa

The findings revealed a 7.9% increase growth in retail spend in South Africa.

Source: VCA Retail Spend Monitor is VCA’s estimate of South Africa’s retail holiday spending defined as retail sales excluding auto, gasoline, restaurants, and other categories across all payment types for the 7-week period beginning on Nov 1 of each year. The measure is constructed using a subset of South Africa’s VisaNet data combined with Visa proprietary research conducted through a third-party provider to capture other payment types.

Canada

The findings revealed a significant 4.4% increase growth in retail spend in Canada.

Source: VCA Retail Spend Monitor is VCA’s estimate of Canada’s retail holiday spending defined as retail sales excluding auto, gasoline, restaurants and other categories across all payment types over a 7-week period beginning on Nov 1 of each year. The measure is constructed using a subset of Canada’s VisaNet data combined with source data from Statistics Canada.

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