Fewer US consumers bought jewellery during the Holiday Season this year due to rising inflation, according to Mastercard SpendingPulse, a payment tracking company. Between 1st November and 24th December 2022, jewellery sales in the US declined 5.4% versus the same period in 2021, it reported.
Steve Sadove, Senior Advisor for Mastercard and Former CEO and Chairman of Saks Incorporated, said, “Inflation altered the way US consumers approached their holiday shopping – from hunting for the best deals to making trade-offs that stretched gift-giving budgets.
“This holiday retail season looked different than years past. Retailers discounted heavily but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic.”
Overall US retail sales (excluding automotive) increased 7.6% year-over-year this holiday season.
Online sales grew 10.6% compared to the same period last year, the preliminary insights show. This holiday season, e-commerce made up 21.6% of total retail sales, up from 20.9% in 2021 and 20.6% in 2020. The channel continues to experience elevated growth as consumers prioritise convenience and availability of discounts, the company said.
Black Friday sustained its title as the top spending day of the 2022 holiday season, up +12% year-over-year excluding automotive. This was followed closely by Saturdays in December.
Michelle Meyer, North America Chief Economist, Mastercard Economics Institute, said, “Inflation altered the way US consumers approached their holiday shopping – from hunting for the best deals to making trade-offs that stretched gift-giving budgets. Consumers and retailers navigated the season well, displaying resilience amid increasing economic pressures.”