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US jewellery revenues dip by 2% during the 2023 holidays

US jewelry revenues fell by 2% during the 2023 holidays, according to Mastercard SpendingPulse, with strong restaurant and apparel sales indicating a shift in consumer spending.

Retail sales for the jewelry category declined 2% year on year between November 1 and December 24, the data provider reported Tuesday. The decrease was softer than last year’s 5.4% drop, which reflected high inflation and a move toward spending on experiences.

“This holiday season, the consumer showed up, spending in a deliberate manner,” said Michelle Meyer, chief economist for 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.”

While online spending is increasing at a faster pace than brick-and-mortar, shopping at physical locations still makes up a “considerably larger” portion of total retail purchases, Mastercard noted.

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