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
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
