Headlines

Online Jewelry Sales Grew 45% During Holiday Season, According to Study

But overall jewelry sales were down 4%.

Published

4 years ago

January 4, 2021

INSTORE Staff

PURCHASE, NY — Jewelry e-commerce sales were up 44.6 percent during the expanded holiday season, running from Oct. 11 through Dec. 24, according to Mastercard SpendingPulse.

Overall jewelry sales were down 4.3 percent compared with the same period in 2019.

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Overall holiday retail sales excluding automotive and gasoline increased 3 percent. Online sales grew 49%, the preliminary insights show. Mastercard SpendingPulse measures overall retail spending trends across all payment types, including cash and check.

“American consumers turned the holiday season on its head, redefining ‘home for the holidays’ in a uniquely 2020 way. They shopped from home for the home, leading to record e-commerce growth,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Inc. “And, consumers shopped earlier than ever before. Across our expanded 75-day holiday shopping season, sales were up 3.0%, a testament to the holiday season and strength of retailers and consumers alike.”

Key findings from Mastercard SpendingPulse underscore the shift to online spending, with e-commerce accounting for 19.7 percent of overall retail sales – up from approximately 13.4 percent in 2019. In addition, consumers continue to spend more time – and money – on their homes.

Home furniture and furnishings experienced the strongest growth of any sector compared to 2019, up 16.2 percent, and it grew 31 percent online specifically. In addition, home improvement was up 14.1 percent, with e-commerce sales up 79.7 percent.
Meanwhile, apparel experienced a decline of 19.1 percent year over year, while electronics and appliances were up 6.0 percent overall.
Department stores saw overall sales decline of 10.2 percent and online sales growth of 3.3 percent, reinforcing the importance of omnichannel offerings. Buy online, pick up in store as well as technologies like contactless were key for retailers this season.

This season, U.S. consumers shopped far earlier than in years past, as retailers offered special promotions early and often. In addition, though Black Friday was down (-16.1 percent), Thanksgiving weekend through Cyber Monday remained a key time for shoppers, with Black Friday being the top spending day of the 2020 holiday season.

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”