Consumer spending on jewelry in the US fell 2% during the holiday season, despite an overall uptick in the economy, according to a report by Mastercard SpendingPulse quoted by IDEX Online.
The period from November 1 to December 24 saw a 3.1% year-on-year increase in retail sales (non including automotive). Restaurant meal spending showed the highest growth at 7.8%, followed by apparel at 2.4%. Online sales saw a 6.3% increase compared to a 2.2% rise in in-store sales.
Michelle Meyer, Chief Economist at Mastercard Economics Institute, commented: “This holiday season, the consumer showed up, spending in a deliberate manner. The economic backdrop remains favorable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most.”
