US jewelry sales grew during the 2024 holiday season, led by a strong job market and increased consumer confidence, according to Mastercard SpendingPulse.
Retail sales for the category rose 4% year on year between November 1 and December 24, the data provider reported last week. The increase comes after last year’s 2% drop.
“The holiday shopping season revealed a consumer who is willing and able to spend but driven by a search for value as can be seen by concentrated e-commerce spending during the biggest promotional periods,” said Michelle Meyer, chief economist at Mastercard Economics Institute. “Solid spending during this holiday season underscores the strength we observed from the consumer all year, supported by the healthy labor market and household wealth gains.”
Overall retail sales climbed 3.8% year on year, with the final five days representing 10% of the total seasonal spending. More customers purchased online this year, as e-commerce advanced 6.7% and in-store 2.9%. Although consumer demand for experiences remained high, spending on goods saw an upswing as well. Aside from jewelry, restaurants had the largest increase, up 6.3% year on year, while electronics got a 3.7% boost and apparel gained 3.6%. Department stores saw the lowest growth, improving 1.6% from 2023.
“This holiday season, we saw consumers motivated by deals and retailers respond with promotions to meet the demand,” said Steve Sadove, senior adviser for Mastercard. “The value-minded consumer showed up to shop at brick-and-mortar stores and e-commerce platforms, with retailers managing across both to capture attention throughout the season.”
Image: A jewelry-store display. (Shutterstock)
