US jewellery retail sales in October 2022 slipped into negative territory for the first time in several months, according to payments tracking firm, Mastercard SpendingPulse. Retail jewellery sales in the US last month fell 3.8% versus October 2021 and were 34.1% higher than the pre-pandemic month of October 2019, it reported.
As anticipated, early holiday promotions drove consumers online and into stores, Mastercard SpendingPulse noted. October US retail sales (excluding automotive) increased 9.5% year over year and 23.6% compared to October 2019. E-commerce sales in October grew 12.7% YOY and 96.0% versus October 2019. Experiential sectors including restaurants, airlines and lodging all saw double-digit growth compared to both 2021 and 2019.
Michelle Meyer, U.S. Chief Economist, Mastercard Economics Institute, said, “In October we saw the strength in the labour market continue to support consumer purchasing power. Coupled with heavy online promotions, consumers got a head start on their holiday shopping, fuelling another strong month of retail sales.”
Total US retail sales (excluding automotive) is expected to grow +15% on Black Friday compared to last year. Steve Sadove, Senior Advisor for Mastercard and Former CEO and Chairman of Saks Incorporated, said, “Expect Black Friday shopping to be in full force across channels this year. While retailers have already been heavily discounting this season, consumers and retailers are likely holding out for some special offers to land on the biggest promotional day of the year.”