Americans opened their wallets for holiday spending, defying fears of a pullback

Shoppers weren't entirely tight fisted during the holiday season, despite the ongoing pressure of inflation on household budgets.

U.S. retail sales grew 3.1% this holiday season, according to a Mastercard poll that tracks in-store and online retail sales. Spending on restaurants increased 7.8% from last year, while apparel and grocery-related purchases were up 2.4% and 2.1%, respectively, according to Mastercard. 

Robust consumer spending bodes well for the economy's present and future, according to Goldman Sachs.