Jewellery sales in the US during Thanksgiving week (22nd Nov through 28th Nov) are expected to grow 39.7% compared with both 2020 and 2019, according to Mastercard SpendingPulse™, a market intelligence and retail analytics provider.
With supply chain challenges straining product availability, elevated inflation and consumers creating unprecedented demand for goods, this holiday season is shaping up to be a seller’s market for retailers, it noted.
With holiday cheer in the air and shoppers returning to stores in force, US jewellery sales in October 2021 grew 40.4% versus 2020 and 39.4% compared with 2019.
“Holiday lights are shining bright for retailers this year,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “The consumer is strong and spending. With discounts in short supply, product innovation, availability and sustainability will be deciding factors for consumers eager to cross off their holiday shopping lists.”
E-commerce is also expected to experience sustained growth, increasing 7.1% year-over-year and 50.2% versus 2019 for the week running 22nd November through 28th November.
Thanksgiving luxury sales (excluding jewellery) are expected to almost double (+92.3%) year-on-year and rise 17% versus 2019, Mastercard noted.