The US retail juggernaut showed no signs of slowing down as jewellery sales in December 2021 registered an increase of 31% year on year, and a 27% jump versus 2019, according to Mastercard SpendingPulse, a payments tracking firm.
Overall retail trends continue to reflect evolving consumer preferences and demand for personalized experiences, Mastercard noted, adding that total US retail sales in December closed out the year on a high note. This follows a robust holiday season, where retail sales grew 8.5% excluding auto.
The trends to watch out for in 2022 build on the December momentum—including new ways people are shopping and paying, and innovative strategies for how retailers are reaching consumers and providing different experiences for them.
Buying with a Purpose:Consumers are looking for retailers that share their values, creating and delivering products in a sustainable and inclusive way. Across the world, 85% of adults say they’re willing to take personal action to combat environmental and sustainability challenges. And 62% say it’s now more important that companies behave in sustainable and eco-friendly way. The trends to look for include:
Commerce “E-volution”:Retailers and brands spent much of the pandemic shifting or expanding their digital channels, which is reflected in the SpendingPulse figures as online sales continued to experience strong growth in December (+13.5% YOY / +60.4% YO2Y). In 2022, innovation will be amplified with retailers looking at different platforms and tactics to reach hyper-connected consumers.
Experiential Retail:Innovation has been vital as retailers started to think of their digital and physical stores more cohesively than distinctly separate channels. This trend brought the “phygital” innovation in how retailers engage with customers digitally and in person. Consumer Privacy Gets Real:The demand for personalised experience must be met by a heightened focus on consumer privacy. Retailers will need to find new ways to understand and engage their digital consumers effectively.