US jewellery sales will rise by an anticipated 2.2% this Holiday season (1st November to 24th December), compared with the same period in 2021, according to the Mastercard SpendingPulse™ annual holiday forecast. Holiday jewellery sales will be 33.4% higher than the pre-Covid levels of 2019.
In the month of August 2022, US jewellery sales were 17.5% higher than August 2021 and 86.7% greater than August 2019, according to the company which measures in-store and online retail sales across all forms of payment.
Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated, said, “This holiday retail season is bound to be far more promotional than the last. Easing supply chain issues coupled with the rapid shift in consumer spending trends and over-ordering inventory have left retailers in an interesting position ahead of the holidays. Retailers that were able to clear past merchandise and accurately forecast inventory needs will be the best positioned for growth.”
Overall US retail sales (excluding automotive) are expected to increase 7.1% year over year, Mastercard SpendingPulse said. The 2021 holiday season was resurgent for retailers (up +8.5%) as pandemic-induced pent-up demand, excess savings and supply chain issues sent shoppers stocking their carts to secure gifts. This year, the holidays are expected to shape up to be yet another positive retail season.
With holiday shopping slated to begin early again this year, some of the season’s retail growth is expected to be pulled forward in October as consumers hunt for early deals, Mastercard SpendingPulse said. As inflation impacts consumer wallets, bargain hunting is expected to be in full force this holiday season, the company reported. From deals and discounts to price monitoring and price matching, consumers are looking to stretch their dollars and get the most bang for their buck. E-commerce is anticipated to increase despite significant growth last year, up +4.2% YOY/ +69.2% YO3Y, as the channel remains a convenient way for consumers to check prices in real time, it noted.