Sales of jewelry in the U.S. during the holiday season jumped 5.9%, largely driven by last-minute sales, with December 23 approaching Black Friday in terms of single-day spending, reports Mastercard SpendingPulse. They report that holiday sales increased 4.9 percent this year, setting a new record for dollars spent. This is the largest year-over-year increase since 2011 and a further indication of consumer confidence. Online shopping also saw large gains of 18.1 percent compared to 2016, boosted by a late season rally. Retailers’ heavy early-season promotions paid off, with the first three weeks of November seeing significant jumps, their analysis shows. The SpendingPulse report details holiday shopping from November 1 through December 24 and covers retail sales across all payment types, including cash and check.
In addition, to buoyant consumer confidence, the organization notes that, “Evolving consumer preferences continue to play out in the aisles and online sites of retailers across the U.S.,” said Sarah Quinlan, senior vice president of Market Insights, Mastercard. “Overall, this year was a big win for retail. The strong U.S. economy was a contributing factor, but we also have to recognize that retailers who tried new strategies to engage holiday shoppers were the beneficiaries of this sales increase.”