Consumers and brands alike are gearing up for what’s anticipated to be the most wonderful holiday retail season on record. According to Mastercard SpendingPulse, US jewellery retail sales for the 2021 holiday period (1st November to 24th December) are anticipated to grow 59% versus 2020 and 52.9% compared with 2019.
Mastercard noted that over the last six months, the Luxury retail and Jewellery sectors have been experiencing some of the strongest YOY and YO2Y growth; that is anticipated to continue through the holidays. It added that consumers have the desire and the means to spend, fuelled in part by pent-up savings and the US government stimulus.
“This holiday season will be defined by early shopping, bigger price tags and digital experiences. Over the past two years, retailers have learned a lot about what shoppers want and need, bringing us into an exciting new age of retail resilience,” said Steve Sadove, Senior Advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “Retailers have been preparing for this moment and will find innovative ways to deliver on what’s bound to be the biggest holiday shopping season yet.”
Total US Holiday retail sales are expected to grow 7.4% excluding automotive and gas. Consumers are expected to spend online at even higher rates (+7.6%) than last year, while in-store sales are also expected to see a rebound—growing 6.6% compared to 2020. Retailers are expected to offer omnichannel promotions early on – particularly in the heavily gifted Electronics, Apparel and Department Store sectors. Technologies like contactless and ‘buy online, pick up in store’ will continue to be embraced by consumers and retailers who desire a quick and seamless experience.