Holiday purchases in the U.S. rose 3.1%, highlighting a slowing economy, according to Mastercard By Investing.com.

U.S. consumers shrugged off economic uncertainty this holiday season, with retail sales excluding autos rising 3.1% year-over-year in November, according to Investing.com – MasterCard SpendingPulse research. From 1st to 24th December they have increased.

Mastercard SpendingPulse (NYSE: ), which tracks in-store and online retail sales across all payment methods, found online retail sales grew 6.3% year-over-year, outpacing the 2.2% increase in physical stores. Despite the advancement of online, physical stores still account for the majority of total retail spending.

“This holiday season, U.S. consumers spent wisely,” said analysts at Mastercard's Economics Institute. “The economic climate is favorable with healthy job creation and easing inflationary pressures, giving consumers the freedom to seek out the goods and experiences they value most.”

Apparel stood out, growing 2.4% year-on-year as shoppers update their winter wardrobes and prepare for festive events. Restaurants also saw a 7.8% year-over-year gain, while spending by supermarkets increased by 2.1%.

“Retailers started promotions early this season, giving customers time to shop for the best deals and discounts,” said Steve Sadow, senior advisor to Mastercard and former CEO and president of Saks Inc. “Ultimately, as consumers spend on a variety of goods and services, getting better value for money, there is a return to pre-pandemic spending trends.”