Survey: Jewelry Sales to Get A Boost this Holiday Season
The recently published Mastercard SpendingPulse survey expects holiday retail sales in the US to grow 7.4% year-on-year in 2021. According to the report, the upcoming holiday season is “anticipated to be the most wonderful holiday retail season on record.”
According to Mastercard SpendingPulse™, consumers” are expected to spend online at even higher rates (+7.6%) than last year”. In-store sales are expected to grow 6.6% compared to 2020. For what the survey calls the “75 days of Christmas” (October 11-December 24) e-commerce sales are expected to grow by 7.5% compared to the same time period last year.
According to the survey, the luxury retail and jewelry sectors “have been experiencing some of the strongest YOY and YO2Y growth; that is anticipated to continue through the holidays.” The sales are “fueled in part by pent-up savings and government stimulus.”
According to Mastercard SpendingPulse™, for the traditional holiday period (November 1-December 24), sales of jewelry are expercted to rise 59% year-on-year, and 52.9% when compared to the same period in 2019. For what the survey calls the “75 days of Christmas” (October 11-December 24), sales of jewelry are expercted to rise 60% year-on-year, and 54.7% when compared to the same period in 2019.
Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated, commented in a press release: “This holiday season will be defined by early shopping, bigger price tags and digital experiences […] 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.”
Another annual survey, this time among jewelers and published by Instore Magazine, shows that 40% of jewelry stores expect 2021 to be a “once-in-a-decade year for sales.” A further 40% expect 2021 “to be better than the previous 10-year average.”
The INSTORE 2021 Big Survey, carried out between August and September, attracted “more than 600 anonymous responses from owners of independent jewelry stores across the United States and Canada”. According to the website, one third of respondents said their 2020 sales were up more than 20% over 2019. 7% said sales were flat, and 27% said sales were down.
Among the reasons cited for the generally better than expected business results were “customer and staff loyalty, community resiliency and adaptation to new conditions.”