US retail sales of jewelry will increase sharply this Thanksgiving season as consumer sentiment continues to strengthen, according to a forecast by Mastercard SpendingPulse. The analytics provider predicted a 40% year-on-year jump for the category during the week from November 22 to 28, with sales also rising by the same percentage compared with the 2019 Thanksgiving holiday. Sales across all retail products — excluding automobiles and gasoline — will grow 10% versus 2020 and 12% relative to 2019, the company estimated Tuesday. Shipping constraints will result in limited discounts, Mastercard explained. Black Friday will see solid year-on-year improvements, since the lack of in-store traffic suppressed last year’s spending bonanza. On Thanksgiving Day, however, many large retailers will shut so consumers and workers can enjoy time with friends and family or shop online, it added. “The consumer is strong and spending,” said Mastercard senior adviser Steve Sadove. “With discounts in short supply, product innovation, availability and sustainability will be deciding factors for consumers eager to cross off their holiday shopping lists.” US jewelry retail revenues surged 40% year on year in October and leaped 39% compared with 2019, according to Mastercard, which bases its data on sales across all payment types, including cash and check. Total retail sales gained 6% versus 2020 and climbed 13% compared with 2019. “As anticipated, the holiday shopping season kicked off in October, with early promotions driving consumers online and in stores,” the company said.
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