Black Friday 2024 proved to be a sparkling success for the jewellery industry, as consumers flocked to online retailers and brick-and-mortar stores alike to snag holiday deals. According to preliminary data from Mastercard SpendingPulse, overall U.S. retail sales, excluding automotive, increased by a modest 3.4% compared to the previous year. However, the jewellery sector emerged as a standout performer, particularly in the e-commerce space. Online retail sales increased +14.6%, while in-store sales were up a more modest +0.7%, compared to Black Friday last year.
Online sales of jewellery experienced significant growth on Black Friday, contributing to the overall uptick in the category. Consumers embraced the convenience and vast selection offered by online retailers, making it easier than ever to find the perfect piece of jewellery for loved ones or themselves.
Mastercard SpendingPulse insights reveal that consumers adopted a strategic approach to their holiday shopping, prioritising deals and promotions that offered the best value. The early start to the holiday shopping season, coupled with enticing Black Friday offers, encouraged shoppers to splurge on jewellery, electronics, and apparel.
Michelle Meyer, chief economist, Mastercard Economics Institute, said, “Black Friday was a good indicator of how the holiday season is positively shaping up. Our real-time insights show that consumers are comfortably in the gift-giving spirit as price reductions and deals occur across sectors, supporting budgets for holiday shopping.”