Inflation and high-interest rates reduced holiday spending this year, according to media reports of new data from Mastercard. According to the new numbers, consumer spending around Christmas grew just over 3 percent. This is less than Mastercard’s 3.7 percent September forecast and much lower than last year’s growth of 7.6 percent. According to Mastercard’s numbers, online spending also slowed from 10.6 percent last year to 6.3 percent this year.

Most customers consolidated their spending to Cyber Monday and Black Friday, when most retailers roll out their biggest deals. Yet even among deal days, most consumers are being more cautious with their money as inflation ravages the average spender.

Retailers expected spending to be stretched thin this year, and many offered extended deals to try and boost spending. However, as some experts have noted, the deals were not nearly as good as last season, when many retailers were trying to get rid of excess pandemic stock.

Still, customers spent their money like never before. According to the National Retail Federation, consumers have spent $967 billion in 2023, up from 2022’s $929 billion.