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
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
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.
SourcingJan 07, 2026
Diamonds Do Good Releases 2025 Impact ReportThe annual report highlights how it supported communities in areas where natural diamonds are mined, crafted, and sold.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
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.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
SourcingJan 06, 2026
AGA Announces 2026 BoardThe governing board welcomed two new members, Claire Scragg and Susan Eisen.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
