ColumnistsJan 09, 2024
On Data: The Top-Performing Jewelry Categories in 2023SurveysJan 22, 2024
Holiday Retail Sales Rose Nearly 4%, NRF Calculations Show
Retail sales also were up about 4 percent for the full year.
Retail sales, excluding sales at gas stations, restaurants, and car dealerships, were up 3.8 percent year-over-year during the 2023 holiday season and rose 3.6 percent for the full year, the NRF said last week.
Washington, D.C.—Core retail sales grew nearly 4 percent in the months of November and December to $964.4 billion, according to U.S. Census Bureau data compiled by the National Retail Federation.
The results were line with the NRF’s forecast for the holiday season, with consumers spending despite the fact that interest rates and the cost of certain goods and services remain high.
Online and other non-store sales, which are included in the sales total, rose 8 percent to $276.8 billion, also in line with the NRF’s holiday forecast.
All but two retail categories tracked by the NRF showed year-over-year sales growth during the 2023 holiday season.
Electronics/appliance stores and health/personal care stores led the way. Both recorded growth of 9 percent.
Furniture and home furnishing stores turned in the worst performance, perhaps due to the slowdown in the housing market, with sales dropping 6 percent year-over-year.
Sales declined 4 percent for building materials and garden supply stores.
Related stories will be right here …
The results were line with the NRF’s forecast for the holiday season, with consumers spending despite the fact that interest rates and the cost of certain goods and services remain high.
Online and other non-store sales, which are included in the sales total, rose 8 percent to $276.8 billion, also in line with the NRF’s holiday forecast.
All but two retail categories tracked by the NRF showed year-over-year sales growth during the 2023 holiday season.
Electronics/appliance stores and health/personal care stores led the way. Both recorded growth of 9 percent.
Furniture and home furnishing stores turned in the worst performance, perhaps due to the slowdown in the housing market, with sales dropping 6 percent year-over-year.
Sales declined 4 percent for building materials and garden supply stores.
For the full year, retail sales also were up about 4 percent to $5.13 trillion, at the low end of the NRF’s full-year forecast.
“Consumer spending was remarkably resilient throughout 2023 and finished the year with a solid pace for the holiday season,” NRF Chief Economist Jack Kleinhenz said.
“Although inflation has been the biggest concern for households, the price of goods eased notably and was helped by a healthy labor market, underscoring a successful holiday season for retailers.”
The 2023 holiday sales results top the previous record of $929.5 billion spent during the 2022 holiday season.
Though retail sales growth has slowed in comparison with the pandemic years, when consumers had extra money due to government stimulus and little else to spend their money on, it is consistent with the average growth rate of 3.6 percent recorded from 2010-2019, the NRF noted.
NRF’s calculation of retail sales is based on U.S. Census data but excludes sales at automobile dealers, gas stations, and restaurants.
It defines the holiday season as Nov. 1-Dec. 31. The holiday sales total is not adjusted for inflation.
More on Surveys
The Latest
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the HolidaysRetailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva AuctionThe nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.
Brought to you by
Are Earrings an Overlooked Category? What Retailers Need to Know NowAs the holiday season quickly approaches, consider stocking one category that sometimes gets overlooked: earrings.
SourcingOct 22, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New PerchChief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume ChallengeFive dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New OwnerRecently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive FlagshipHollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.
Lab-GrownOct 21, 2025
Grown Brilliance Opens First FlagshipThe New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink DiamondMaking its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby MineThey were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.
SourcingOct 20, 2025
Pristine Gems Names New Director of European SalesGemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYCThe new showcase dedicated to Italian jewelry design is set for Oct. 29-30.
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ EarringsTake a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry ServiceThe new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.
MajorsOct 16, 2025
Oscar Heyman’s Holiday Catalog Is Out, and It’s SpectacularThe holiday catalog for 2025 features never-before-seen images of more than 100 one-of-a-kind masterpieces.
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ CollectionThe brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy CoreyCorey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado JewelerCharles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next YearTimepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.
