Will jewelry retailers have a cheerful holiday season? Several analysts and retails groups are saying that they will, forecasting an increase in sales in the upcoming holiday season in the US – including sales in the jewelry sector.
According to a forecast by the National Retail Federation (NRF), revenue is expected to rise 3.6% year-on-year in November and December to $655.8 billion – beating the 10-year growth average of 2.5% In addition, The NRF forecasts that non-store sales, including purchases made online, will increase between 7% and 10% to total $117 billion.
Another group, the International Council of Shopping Centers, forecasts a 3.3% spending increase at physical stores, compared with a 2.2% increase last year. In an online survey of about 2,000 adults, shoppers said they plan to spend an average of $683.90 this holiday season. 85% of shoppers said they would browse online first before going to the store to shop and 59% said they planned to spend at Amazon.com.
According to Retail Next, overall, retail sales will see a 3.2% increase – excluding automobiles and petroleum – for the November-December holiday season. Top seasonal performers will come from women’s fashion, including jewelry. Heading into the holiday season, there was an overall retail sales increase of 2.9%, with several specific categories – including jewelry – outperforming the average.
According to the Retail Next, women’s fashion, along with the complementary segment of jewelry, will have a strong performance this holiday. According to the same source, jewelry typically leads the way at over 27% of annual sales during the holidays.
