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Shoppers Ready to Splurge on Jewelry This Holiday Season, Survey Reveals

They have the desire and means to purchase luxury items this year, according to Mastercard SpendingPulse.

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Shoppers Ready to Splurge on Jewelry This Holiday Season, Survey Reveals

FUELED IN PART by pent-up demand, pent-up savings and government stimulus, U.S. consumers are heading into the holiday season with the desire and means to purchase luxury items, especially fine jewelry, according to Mastercard SpendingPulse.

Jewelry sales from November 1 to December 24 are projected to rise 59% in 2021 vs. 2020. And when comparing anticipated jewelry sales with the pre-pandemic holiday season of 2019, the jump is nearly as impressive at 52.9%.

Over the past six months, the luxury retail and jewelry sectors have been experiencing dramatic growth. During the summer, for instance, Mastercard reported that July 2021 jewelry sales had jumped an impressive 54.2% compared to pre-pandemic July 2019 levels. August 2021 jewelry sales rose 58.9% over the same month in 2019.

Mastercard SpendingPulse is able to take a unique picture of the retail landscape because it measures overall sales across all payment types, including credit cards, cash and checks.

“This holiday season will be defined by early shopping, bigger price tags and digital experiences,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “Over the past two years, retailers have learned a lot about what shoppers want and need, bringing us into an exciting new age of retail resilience.”

Shoppers Ready to Splurge on Jewelry This Holiday Season, Survey Reveals

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In the chart, above, Mastercard SpendingPulse compares the traditional selling season to an extended one that starts October 11 and runs through December 24. The company defines that period as the 75 Days of Christmas.

For the jewelry sector, sales in that extended period closely mirror the impressive stats for the traditional holiday period.

While luxury goods and jewelry will be the hottest categories this holiday season, overall sales (excluding automotive and gas) are predicted to grow at a robust 7.4% compared to 2020, and 11.1% compared with 2019.

“Retailers have been preparing for this moment and will find innovative ways to deliver on what’s bound to be the biggest holiday shopping season yet,” noted Sadove.

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Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

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