FinancialsSep 02, 2021
Signet’s Q2 Sales Double Year-Over-YearSurveysSep 22, 2021
Jewelry Sales Surge Expected to Continue Through the Holidays
Mastercard’s SpendingPulse survey said early shopping, bigger price tags and digital experiences will be the hallmarks of holiday 2021.
Mastercard’s SpendingPulse survey predicts jewelry sales will grow 59 percent year-over-year this holiday season. The prediction shouldn’t surprise anyone in the fine jewelry industry, with diamond jewelry sales strong and business at recent trade shows robust. Pictured here are 18-karat gold and diamond pendants from designer Sara Weinstock spotted at the Couture show.
New York—Mastercard’s SpendingPulse survey predicts that the surge in jewelry sales that started in 2020 will continue through the 2021 holiday season.
U.S. retail sales (excluding automotive and gas) are expected to grow 7 percent between Nov. 1 and Dec. 24, the company said in a news release issued last week, with jewelry expected to be one of the top performers.
SpendingPulse has jewelry sales growing 59 percent year-over-year and 53 percent with compared with the 2019 holiday season, pre-pandemic.
The only category SpendingPulse forecasts to post stronger sales than jewelry is luxury (excluding jewelry), with sales nearly doubling year-over-year and growing 56 percent when compared with pre-pandemic levels.
The SpendingPulse prediction should come as no surprise to those who follow the fine jewelry industry.
Sales have been strong since mid-2020, with money normally spent on vacations, dining out, going out and traveling diverted to jewelry.
The industry’s two biggest mining companies, De Beers and Alrosa, have remarked continually on the strength of diamond jewelry sales in the U.S., and exhibitors at recent jewelry trade shows, including JA New York and the Las Vegas shows, said attendees came ready and needing to buy.
Related stories will be right here …
U.S. retail sales (excluding automotive and gas) are expected to grow 7 percent between Nov. 1 and Dec. 24, the company said in a news release issued last week, with jewelry expected to be one of the top performers.
SpendingPulse has jewelry sales growing 59 percent year-over-year and 53 percent with compared with the 2019 holiday season, pre-pandemic.
The only category SpendingPulse forecasts to post stronger sales than jewelry is luxury (excluding jewelry), with sales nearly doubling year-over-year and growing 56 percent when compared with pre-pandemic levels.
The SpendingPulse prediction should come as no surprise to those who follow the fine jewelry industry.
Sales have been strong since mid-2020, with money normally spent on vacations, dining out, going out and traveling diverted to jewelry.
The industry’s two biggest mining companies, De Beers and Alrosa, have remarked continually on the strength of diamond jewelry sales in the U.S., and exhibitors at recent jewelry trade shows, including JA New York and the Las Vegas shows, said attendees came ready and needing to buy.
SpendingPulse also shed some light on when and where consumers are expected to shop this holidays season.
The company anticipates that consumers will spend 8 percent more online this holiday season than they did last year. Online sales are expected to be up a whopping 59 percent when compared with the 2019 holiday season.
But that doesn’t mean main streets and malls will be empty, as in-store shopping is expected to continue to recover, increasing 7 percent year-over-year.
Consumers are also expected to start shopping early again this year, lured by omnichannel promotions offered by retailers facing supply chain and labor shortage issues. This will be especially true in electronics, apparel and for department stores, SpendingPulse predicts.
In addition, both retailers and consumers will continue to use and embrace technologies that make shopping easier and more seamless, like buy online, pick up in store (BOPIS) and contactless payments.
SpendingPulse also expects consumers to splurge this season, thanks to high savings ratings and government stimulus checks, with jewelry and luxury expected to benefit.
“Over the last six months, the luxury retail and jewelry sectors have been experiencing some of the strongest YOY and YO2Y growth; that is anticipated to continue through the holidays,” the company said.
“This holiday season will be defined by early shopping, bigger price tags and digital experiences,” Steve Sadove, senior advisor for Mastercard and former CEO and chair of Saks Inc., said in the release.
“Over the past two years, retailers have learned a lot about what shoppers want and need, bringing us into an exciting new age of retail resilience. Retailers have been preparing for this moment and will find innovative ways to deliver on what’s bound to be the biggest holiday shopping season yet.”
More on Surveys
The Latest
MajorsJul 26, 2024
Diamonds Direct Opens Store in AtlantaIt’s the Signet-owned banner’s first location in Georgia.
TrendsJul 26, 2024
Piece of the Week: Bea Bongiasca’s ‘Double Loop’ EarringsCommemorate “brat summer” with these green hoops.
EditorsJul 26, 2024
Out & About: A Dispatch from the Nation’s Smallest StateEditor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Supplier BulletinJul 25, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
Weekly QuizJul 25, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJul 25, 2024
Amazon, BBB Sue Website Allegedly Peddling Fake Reviews They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
SourcingJul 25, 2024
De Beers’ H1 Revenue Falls 21% in ‘Weak’ MarketLab-grown diamond sales in the United States and ongoing economic challenges in China are impacting natural diamond demand.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
IndependentsJul 25, 2024
Store Designer Ruth Mellergaard DiesA longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
FinancialsJul 25, 2024
Boucheron, Pomellato Post Double-Digit Growth in Q2 The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
MajorsJul 25, 2024
Shane Co. Partners With Kids In Need Foundation to Donate 7,200 BackpacksThe fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
FinancialsJul 24, 2024
LVMH’s First-Half Jewelry, Watch Sales Dip 5%Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
MajorsJul 24, 2024
See Chaumet’s Paris Olympic Medals Inspired by its High JewelryThe Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
MajorsJul 24, 2024
Jewelers Mutual Acquires Pawnbroker Insurance ProviderUnion Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
MajorsJul 24, 2024
Ben Bridge Announces 2024 Lonia Tate Scholarship WinnerLos Angeles-based Bradlei Smith was selected for this year’s award.
ColumnistsJul 23, 2024
Peter Smith: The Case for Optimism in Sales In his latest column, Smith shares multiple reasons why people who look at the glass as being hall full often make better salespeople.
SourcingJul 23, 2024
De Beers’ Production Drops 15% in Q2The company also reported the $150 million sale of an iron ore royalty right, part of its ongoing effort to divest “non-core” assets.
IndependentsJul 23, 2024
Long’s Jewelers Is Giving Away a Luxury Cape Cod VacationThe giveaway is part of the New England jeweler’s summer bridal event.
CollectionsJul 23, 2024
Guzema Debuts ‘Flower Power’ CampaignThe ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
Policies & IssuesJul 23, 2024
Diamonds Do Good Announces Its 2024 Entrepreneurship Grant WinnersThe grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
CrimeJul 22, 2024
Florida Jeweler Shot, Killed Following Argument With CustomerGhazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
Policies & IssuesJul 22, 2024
JVC’s Elyssa Jenkins-Pérez Joins RJCThe organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
SourcingJul 22, 2024
AWDC Names Karen Rentmeesters as CEORentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor BoutiqueThe 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ NecklaceDance all night long with the “So Move Max” set’s necklace.
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs Luxury giant LVMH is reshuffling the leadership in its watches division.
