Preliminary data from Mastercard SpendingPulse shows US holiday retail sales excluding automotive rose 3.9% year-on-year from 1 November through 21 December, driven by a mix of online convenience and in-store experiences. Within this broader growth, jewellery purchases increased by 1.6%, indicating that festive demand for sparkly gifts remained resilient despite cautious consumer behaviour.
Retailers saw stronger gains in categories like apparel, where spending jumped 7.8%, but jewellery held its ground as shoppers strategically selected meaningful gifts across channels. Consumers increasingly used e-commerce alongside physical store visits to compare prices and secure deals, with online sales overall up 7.4%.
Industry analysts say this blended shopping pattern reflects a broader shift in holiday purchasing habits, where convenience and value shape decisions. As the season nears its end, jewellery continues to be part of consumer wish lists, contributing to the modest uptick in retail sales.
Michelle Meyer, Chief Economist, Mastercard Economics Institute, said, “Consumers demonstrated flexibility and confidence this season, shopping early, leveraging promotions, and investing in meaningful experiences and wish-list items. They also blended online and in-store shopping to find the best deals and maximise convenience.”