SurveysDec 30, 2021
Jewelry Sales Climb 32% Over the HolidaysFinancialsJan 18, 2022
December Retail Sales Slump, But Holiday Season Holds Strong
Though retail sales fell in December, the holiday season as a whole saw double-digit growth.
December retail sales fell more than analysts had expected, but holiday sales exceeded the National Retail Federation’s forecast.
New York—U.S. monthly retail sales fell more than expected in December, bogged down by rising prices.
Sales were down 1.9 percent month-over-month in December to $626.8 billion, according to data from the U.S. Department of Commerce released last week, while year-over-year sales were up 17 percent.
The results fell short of analyst expectations of a month-over-month decrease of 0.1 percent.
November sales were slightly weaker than previously thought, up 0.2 percent month-over-month rather than the previously reported 0.3 percent, as per the revised figures.
The consumer price index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 0.5 percent month-over-month in December and 7 percent year-over-year, with inflation rising at its fastest rate since 1982.
The National Retail Federation also calculates retail sales, but excludes auto sales, gas stations, and restaurants.
Its results show December sales were down nearly 3 percent seasonally adjusted month-over-month and up more than 13 percent year-over-year.
The NRF also took a look at the whole holiday season, which it defines as Nov. 1 through Dec. 31.
Sales for the period were up 14 percent year-over-year to $886.7 billion, a record number that flew past the NRF’s October forecast of a year-over-year increase between 8.5 percent and 10.5 percent to between $843.4 billion and $859 billion.
The results also exceeded the NRF’s raised guidance in December that expected growth as high as 11.5 percent.
“We closed out the year with outstanding annual retail sales and a record holiday season, which is a clear testament to the power of the consumer and the ingenuity of retailers and their workers,” said NRF President and CEO Matthew Shay in a press release about the results.
The amount spent and the growth rate surpassed the previous record set in 2020, when sales were up more than 8 percent year-over-year to $777.3 billion.
The average holiday sales growth rate over the past five years has been 4.4 percent.
Related stories will be right here …
Sales were down 1.9 percent month-over-month in December to $626.8 billion, according to data from the U.S. Department of Commerce released last week, while year-over-year sales were up 17 percent.
The results fell short of analyst expectations of a month-over-month decrease of 0.1 percent.
November sales were slightly weaker than previously thought, up 0.2 percent month-over-month rather than the previously reported 0.3 percent, as per the revised figures.
The consumer price index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 0.5 percent month-over-month in December and 7 percent year-over-year, with inflation rising at its fastest rate since 1982.
The National Retail Federation also calculates retail sales, but excludes auto sales, gas stations, and restaurants.
Its results show December sales were down nearly 3 percent seasonally adjusted month-over-month and up more than 13 percent year-over-year.
The NRF also took a look at the whole holiday season, which it defines as Nov. 1 through Dec. 31.
Sales for the period were up 14 percent year-over-year to $886.7 billion, a record number that flew past the NRF’s October forecast of a year-over-year increase between 8.5 percent and 10.5 percent to between $843.4 billion and $859 billion.
The results also exceeded the NRF’s raised guidance in December that expected growth as high as 11.5 percent.
“We closed out the year with outstanding annual retail sales and a record holiday season, which is a clear testament to the power of the consumer and the ingenuity of retailers and their workers,” said NRF President and CEO Matthew Shay in a press release about the results.
The amount spent and the growth rate surpassed the previous record set in 2020, when sales were up more than 8 percent year-over-year to $777.3 billion.
The average holiday sales growth rate over the past five years has been 4.4 percent.
Online sales, which include online and other non-store sales, were up more than 11 percent to $218.9 billion.
Online spending, which is included in the sales total, was in line with the NRF’s forecast, which predicted growth between 11 percent and 15 percent to between $218.3 billion and $226.2 billion.
Retail sales, both in store and online, thrived despite supply chain problems, rising inflation, labor shortages, and the omicron variant, noted Shay, bolstered by “strong wages and record savings.”
“The numbers are clear: 2021 was an undeniably outstanding year for retail sales,” said Shay.
However, there was a decline in sales from November to December, said Shay, due in part to an early shopping season.
Still, though shopping began in October for many, it was the strongest November and December yet, said NRF Chief Economist Jack Kleinhenz.
“Worries about inflation and COVID-19 put pressure on consumer attitudes but did not dampen spending, and sales were remarkably strong,” he said.
November-December sales posted year-over-year gains in all categories, led by clothing and clothing accessory stores, sporting goods stores, general merchandise stores, and furniture and home furnishing stores.
The NRF is forecasting further growth in 2022, even as the battle against supply chain problems, labor force issues, and inflation continues.
“Holiday spending during 2021 reflected continued consumer demand that is driving the economy and should continue in 2022,” Kleinhenz said. “Nonetheless, we should be prepared for challenges in the coming months due to the substantial uncertainty brought by the pandemic.”
Though there have been occasional month-over-month declines, sales have grown year-over-year every month since June 2020, as per Census data.
More on Financials
The Latest
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
SourcingNov 25, 2025
Finestar Opens Diamond Manufacturing Facility in JohannesburgIt joins the company’s other manufacturing facilities globally, including in India, Botswana, and Namibia.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
SourcingNov 21, 2025
De Beers’ Branded, Traceable Diamonds Roll Out to 19 Retailers Called “Origin by De Beers Group,” the loose, polished diamonds are being sold in a total of 30 stores in the United States and Canada.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
