Inflation-battered shoppers cut back on their holiday spending this year — opening their wallets mainly for “big deals,” according to industry experts and newly released figures.
US retail sales rose just 3.1% year-over-year between Nov. 1 and Dec. 24 — well short of analyst forecasts of 3.7% and less than half of the 7.6% spike recorded last year, according to Mastercard.
Amazon and Walmart ramped up promotions through November to entice bargain-hunting shoppers, but analysts said the discounts were not as deep as the prior year when retailers were saddled with excess stock after the pandemic.
Arun Sundaram, an analyst at CRFA Research, said many shoppers waited for Black Friday and Cyber Monday to make holiday purchases and finished the final sprint during Super Saturday — the last shopping day before Christmas.
“Consumers are still spending, but they’re still price conscious and want to stretch their budgets,” Sundaram said.
He said the weeks between Cyber Monday and Super Saturday were a “soft period” for spending, but shoppers used the final weekend before Christmas to look for “big deals.”
Online shopping accounted for a large chunk of this year’s holiday spending. According to the Mastercard report, online retail sales jumped by 6.3% year-over-year, while in-store sales rose just 2.2%.
Apparel sales jumped 2.4%, while in-person dining at restaurants soared by 7.8%, according to the report.
There were declines in sales of jewelry (2%) and electronics (0.4%).
Ultimately, it was about getting the most bang for your buck as consumers spent on a variety of goods and services, resurfacing spending trends from before the pandemic, Mastercard senior adviser Steve Sadove said.
Americans have been saddled with soaring prices in recent years though there have been signs inflation is beginning to cool.
The Fed’s preferred measure of inflation — the Personal Consumption Expenditures price index (PCE) — rose less than expected in November.
According to the Bureau of Economic Analysis, core inflation, which excludes food and energy costs, rose 0.1% compared to October.
That was lower than the 0.2% rise forecast by economists polled by Reuters. The year-over-year increase was 3.2%, lower than Octobers 3.4% gain.
The figures signal that the Fed is winning a nearly two-year battle against inflation and further increase the odds for lower interest rates in the new year.
The Federal Reserve has signaled that it intends to slash interest rates which are currently between 5.25% and 5.5% by as much as 75 basis points in 2024.
Projections from all 19 policymakers that showed near unanimity that borrowing costs would fall next year, many of them by a substantial margin following their latest policy meeting earlier this month, when borrowing costs held steady at their 22-year high.
Police are investigating multiple leads in the deadly shooting of Trump ally Charlie Kirk in Utah after the FBI released two photos of a “person of interest”.
The images show a person wearing a black baseball cap, black long-sleeved shirt, black trousers and sunglasses.
FBI officials in the Salt Lake City office also announced a $100,000 (£73,000) reward in exchange for information leading to the identification of the attacker.
Image: The FBI released images of a ‘person of interest’ in the Charlie Kirk shooting
Earlier, authorities said the sniper was thought to have jumped off a roof and fled into a neighbourhood after firing one shot.
They also said the suspect was a male who “appears to be of college age” and blended in on the Utah Valley University campus in Orem where Mr Kirk was killed.
Mr Kirk, a 31-year-old right-wing influencer, was fatally shot in the neck on Wednesday afternoon while speaking to university students at an event. He died in hospital after being shot.
Image: Charlie Kirk hands out hats before speaking at Utah Valley University where he was later fatally shot. Pic: AP
The rifle suspected of being used in the shooting has been found.
In a briefing on Thursday, FBI agent Robert Bohls said: “I can tell you that we have recovered what we believe is the weapon that was used in yesterday’s shooting… is a high-powered bolt action rifle.
“That rifle was recovered in a wooded area where the shooter had fled. The FBI laboratory will be analysing this weapon.”
Investigators have collected a footwear impression, a palm print, and forearm imprints for analysis.
The father-of-two was the chief executive and co-founder of Turning Point USA, a prominent organisation that engages conservative youth on school campuses.
He had millions of followers across social media.
Mr Kirk and Turning Point USA played a key role in driving youth support for Mr Trump in last November’s presidential election. His events at college campuses nationwide typically drew large crowds.
Many people listened both in person and online to Mr Kirk, as he advocated for conservatism among younger generations and became a leading voice in the Make America Great Again (MAGA) movement.
President Donald Trump paid tribute to Mr Kirk while on stage at a 9/11 memorial event in Virginia, saying he would be awarding him the Presidential Medal of Freedom.
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“Before we begin, let me express the horror and grief so many Americans at the heinous assassination of Charlie Kirk have felt,” Mr Trump said.
“Charlie was a giant of his generation, a champion of liberty and an inspiration to millions and millions of people. Our prayers are with his wonderful wife, Erika, and his beautiful children.”
He later added the FBI was making “big progress” in finding the shooter and he has “an indication” of the motive, but declined to expand.
“He’s an animal, total animal, hopefully they’ll have him and they’ll get him.”
Tyler Winklevoss and Cameron Winklevoss (L-R), creators of crypto exchange Gemini Trust Co., on stage at the Bitcoin 2021 Convention, a cryptocurrency conference held at the Mana Convention Center in Wynwood in Miami, Florida, on June 4, 2021.
Joe Raedle | Getty Images
Gemini Space Station, the crypto company founded by Cameron and Tyler Winklevoss, priced its initial public offering at $28 per share late Thursday, according to Bloomberg.
A person familiar with the offering told the news service that the company priced the offering above its expected range of $24 to $26, which would value the company at $3.3 billion.
Since Gemini capped the value of the offering at $425 million, 15.2 million shares were sold, according to the report. That was a measure of high demand for the crypto company, which had initially marketed 16.67 million shares. Earlier this week, it increased its proposed price range from between $17 and $19 apiece.
A Gemini spokesperson could not confirm the report.
The company and the selling stockholders granted its underwriters — led by and Goldman Sachs, Citigroup and Morgan Stanley — a 30-day option to sell an additional 452,807 and 380,526 shares, respectively, per the registration form. Gemini stock will trade on the Nasdaq under ticker symbol “GEMI.”
Up to 30% of the shares offered will be reserved for retail investors through Robinhood, SoFi, Hong Kong-based Futu Securities, Singapore’s Moomoo Financial, Webull and other platforms.
Gemini, which primarily operates as a cryptocurrency exchange, was founded by the Winklevoss brothers in 2014 and holds more than $21 billion of assets on its platform as of the end of July.
Initial trading will give the market a sense of how long it can keep the crypto IPO party going. Circle Internet and Bullish had successful listings, but there has been a recent consolidation in the prices of blue chip cryptocurrencies like bitcoin and ether. Also, in contrast to those companies’ profitability, Gemini has reported widening losses, especially in 2025. Per its registration with the Securities and Exchange Commission, Gemini posted a net loss of $159 million in 2024, and in the first half of this year, it lost $283 million.
This week, however, Gemini received a big vote of institutional confidence when Nasdaq said it’s making a strategic investment of $50 million in the crypto company. Nasdaq is seeking to offer its clients access to Gemini’s custodial services, and gain a distribution partner for its trade management system known as Calypso.
Gemini also offers a crypto-backed credit card, and last month, launched another card in partnership with Ripple. The latter garnered more than 30,000 credit card sign-ups in August, a new monthly high that was more than twice the number of credit card sign-ups in the prior month, according to the S-1 filing.
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Global EV sales climbed again in August 2025, with 1.7 million electric vehicles hitting the road worldwide. That’s a 5% jump compared to July and 15% higher than August 2024, according to new data from Rho Motion.
Battery electric vehicles (BEVs) made up the bulk of sales at 1.16 million units, while plug-in hybrids (PHEVs) accounted for 570,000. In total, 12.5 million EVs have been sold in the first eight months of this year.
Charles Lester, data manager at Rho Motion, explained what’s driving the numbers:
The North American market has reached a record monthly high as consumers in the US accelerate purchases to take advantage of the tax credit before it expires at the end of September. Momentum remains in Europe, underpinned by the emissions legislation, with major automotive countries, Germany and the UK, growing by 45% and 31% YTD, respectively.
Year-over-year growth in the Chinese market slowed in July-August 2025; however, this is compared to a period where subsidies for the auto trade-in scheme increased last year, which spurred EV demand in the country.
Here’s how year-to-date sales stack up against the same period in 2024:
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Global: 12.5 million, up 25%
China: 7.6 million, up 25%
Europe: 2.6 million, up 31%
North America: 1.3 million, up 6%
Rest of world: 1.0 million, up 44%
Europe is seeing some of the fastest growth. Sales are up 31% year to date, split nearly evenly between BEVs and PHEVs. Germany leads the charge with a 45% jump, while the UK is up 31%. Spain has doubled its EV sales this year, and Italy is up 41%. France is the outlier, with sales down 9% so far in 2025. August sales in the UK dipped 32% compared to July, but that’s a normal seasonal slowdown before a big surge in September tied to new license plate numbers.
On the model front, Ford’s Puma Gen-E and E-Tourneo Courier both qualified for the maximum UK discount of £3,750 ($5,100). Chinese automaker BYD continues its push in Europe, with the Seal U becoming one of the region’s bestselling PHEVs. In September, BYD added another model, the Seal 6 PHEV.
In North America, sales are up 6% so far this year, but August set a new monthly record as US buyers rushed to lock in the federal tax credit before it ends September 30. Analysts expect strong September numbers, followed by a steep drop in Q4. Automakers are already preparing for a pullback: VW will pause ID.4 production in October, and GM is expected to cut EV output once the credit disappears. Canada is struggling, with EV sales down by a third this year after the iZEV rebate was paused. That slump, paired with tough economic conditions, could derail the country’s 2026 EV sales mandate, which Prime Minister Mark Carney has paused while the government deals with US tariff impacts.
China, the world’s largest EV market, grew sales 11% in August compared to July and 6% year over year. Year-to-date sales are still up 25%, but growth has slowed compared to last year, when a boosted auto trade-in subsidy drove demand. BYD, the country’s dominant player, cut its 2025 sales target from 5.5 million units to 4.6 million, with up to a million of those expected to come from overseas markets.
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