US Jewelry Sales Slip Despite Holiday Uptick
December 27, 23
(IDEX Online) - Consumer spending on jewelry in the US slipped by 2.0 per cent over the holiday period, despite an uptick in the economy, according to Mastercard SpendingPulse.
Overall retail sales for 1 November to 24 December (excluding automotive) increased by 3.1 per cent year on year.
Spending on restaurant meals showed the biggest growth, up 7.8 per cent, followed by apparel, at 2.4 per cent.
"This holiday season, the consumer showed up, spending in a deliberate manner" said Michelle Meyer, chief economist, Mastercard Economics Institute.
"The economic backdrop remains favorable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most."
The figures cover national retail sales across all payment types, not just credit or debit cards.
Online sales across all sectors were up 6.3 per cent, compared with 2.2 per cent in-store.