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.
Editors' Picks
Sponsored by
More on Financials
The Latest
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
