US Jewelry Sales Surge During Holiday Season

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US Jewelry Sales Surge During Holiday Season

Dec 27, 2021 4:33 AM   By Rapaport News

 

RAPAPORT… Jewelry was one of the most popular purchases during what proved to be a buoyant season for retail demand, according to Mastercard SpendingPulse.

Revenue from the category rose 32% year on year for the two months from November 1 to December 24, Mastercard said Sunday. Proceeds for the festive holiday went up 26% from the same period in 2019.

“Whether consumers were shopping for themselves or for loved ones, the jewelry sector experienced some of the strongest year-on-year and year-on-two-year growth,” the company noted.

Total retail sales grew 8.5% compared to 2020, with online shopping rising 11% and in-store up 8%. That amount beat Mastercard’s original forecast of a 7% hike in total sales. Revenue for all categories climbed 11% relative to 2019. E-commerce purchasing jumped 61% versus 2019’s figure, while brick-and-mortar rose 2.5%.

Apparel saw the highest incline, soaring 47% year on year. Department store spending was up 21% and electronics grew 16%.

Over the “75 days of Christmas” from October 11 to December 24, total revenue increased 8.6%, as consumers began purchasing earlier than usual.

“Shoppers were eager to secure their gifts ahead of the retail rush, with conversations surrounding supply-chain and labor-supply issues sending consumers online and to stores in droves,” said Steve Sadove, senior adviser for Mastercard. “Consumers splurged throughout the season.”

Image: A man proposing with a diamond ring on Christmas. (Shutterstock)