According to Mastercard SpendingPulse, US jewelers can expect a very good holiday shopping season as they predict revenue from jewelry sales in the US between November 1 and December 24 will grow 59% compared to the same period last year. When they take the “75 days of Christmas” into account – from October 11 to December 24 – jewelry sales will climb 60% in comparison to 2020, they anticipate.
This growth is driven by a number of trends. According to Mastercard SpendingPulse, consumers have the desire and the means to spend, fueled in part by pent-up savings and governments stimulus. Over the last six months, the Luxury retail and Jewelry sectors have been experiencing some of the strongest year-on-year growth, which is anticipated to continue throughout the holidays.
“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. 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”, concludes Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated.