According to Mastercard SpendingPulse™, US retail sales, excluding automotive, are projected to rise by 3.7% year-over-year during this year’s holiday season (from November 1 to December 24).
According to the report, consumers are expected to shop across various channels, with e-commerce predicted to increase by 6.7%, and in-store sales to rise by 2.9% year-over-year. However, jewelry sales are projected to decline by 0.3% compared to the same period last year. By comparison, Mastercard expected jewelry sales in the 2022 Holiday Season to grow 2.2%.
Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated, emphasized, “This holiday season, retailers will compete for consumer spending. Given a multitude of options and budget constraints, shoppers are likely to become increasingly discerning and value-focused. Meeting consumers where they are, through personalized promotions and in-store experiences, will be key to success.”
