There was good news for the retail jewelry industry in the United States during the Christmas holiday season with credit card giant Mastercard reporting that holiday sales increased with jewelry sales leading the way – jumping 5.9 percent.
Jewelry sales were mostly driven by last-minute discounts.
Retail sales overall increased by 4.9 percent this year, setting a new record for dollars spent, said a report by Mastercard SpendingPulse.
This year's rise in holiday spending – the largest year-over-year increase since 2011 – is a strong indication of rising consumer confidence, according to a statement.
The report also confirmed the increasing importance of online shopping which were 18 percent higher on 2016, due to a late season rally.
The key findings of the Mastercard SpendingPulse report were:
Electronics and appliances increased 7.5 percent, the strongest growth of the last 10 years. The home furniture and furnishings category grew 5.1 percent, as did home improvement.
Retailers’ heavy early-season promotions paid off, with the first three weeks of November seeing significant jumps.
Shoppers were still spending late into the season, with December 23 just behind Black Friday in terms of single-day spending. This was a boon to certain categories, including jewelry.
Mastercard said the strength of the US economy was a major factor in the rise in sales figures. In addition, retailers who adopted new strategies to engage holiday shoppers also benefited.
