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2023 Holiday Jewelry Sales Fell 2% December 28, 2023 (0 comments)


Purchase, NY--U.S. Jewelry sales declined 2% year on year during the 2023 holiday season, according to preliminary results from Mastercard SpendingPulse. It was the biggest drop among the retail categories followed by the company.

Overall U.S. holiday retail sales, excluding automotive, increased by 3.1% year on year this holiday season, running from November 1 through December 24. Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment and is not adjusted for inflation.

“This holiday season, the consumer showed up, spending in a deliberate manner,” said Michelle Meyer, chief economist, Mastercard Economics Institute. “The economic backdrop remains favorable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most.”

Key retail trends this holiday season included:

Online retail sales increased 6.3% year on year while in-store sales were up a more modest 2.2%. “Spending online is increasing at a faster pace than in-store, therefore taking a growing slice of the retail pie, but shopping in-store still makes up a considerably larger portion of total retail spending, according to Mastercard SpendingPulse.

Apparel was one of the top categories for shoppers this season as consumers shopped for new outfits and upcoming holiday festivities, the market research company said. The sector was up 2.4% year on year.

“Retailers started promotions early this season, giving consumers time to hunt for the best deals and promotions,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated. “Ultimately it was about getting the most bang for your buck as consumers spent on a variety of goods and services, resurfacing spending trends from before the pandemic.”

Mastercard SpendingPulse reports on national retail sales across all payment types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check.


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