Jewelry sales in the US will jump during the traditional two-month holiday period as consumers have cash saved up, according to Mastercard SpendingPulse.
Revenue from the category will grow 59% year on year from November 1 to December 24 and 53% over 2019’s total, the company forecast Monday. Over the “75 days of Christmas” from October 11 to December 24, jewelry sales are anticipated to climb 60% versus 2020 and 55% compared to two years ago. “Fueled in part by pent-up savings and government stimulus, consumers have the desire and the means to spend,” Mastercard noted. “Over the last six months, the luxury retail and jewelry sectors have been experiencing some of the strongest...growth. That is anticipated to continue through the holidays.” The company predicted total retail sales for the traditional festive period would rise 7% over last year, and 11% over 2019, with online revenue up 8% relative to 2020 and 57% from two years ago.
Retailers will likely begin holiday sales early due to potential supply-chain and labor-shortage issues that may impact the shopping season, Mastercard said. While e-commerce will remain strong, in-store shopping is expected to see a rebound, with the company projecting 7% year-on-year growth. “This holiday season will be defined by early shopping, bigger price tags and digital experiences,” said Mastercard senior adviser Steve Sadove. “Over the past two years, retailers have learned a lot about what shoppers want and need, bringing us into an exciting new age of retail resilience. Retailers have been preparing for this moment and will find innovative ways to deliver on what’s bound to be the biggest holiday shopping season yet.” In August, sales of jewelry skyrocketed 74% year on year, increasing 59% over 2019. Both online and total retail sales for the month rose 8% compared to the previous year.