RAPAPORT... US retailers enjoyed their strongest growth in six years this holiday season, although jewelry was slightly off pace, a report by Mastercard SpendingPulse revealed.
Jewelry sales increased 3.7% year on year for the period from November 1 to December 24, a company spokesperson confirmed with Rapaport News, marking a slowdown from the 6% growth reported for the category during the 2017 season.
The increase in jewelry sales also lagged behind total retail, which climbed 5.1% to more than $850 billion for the period, Mastercard SpendingPulse said Wednesday. The improvement was driven by a 19% jump in online purchases, while home improvement and apparel emerged as the strongest product categories, rising 9% and 7.9% respectively.
“From shopping aisles to online carts, consumer confidence translated into holiday cheer for retail,” said Steve Sadove, senior adviser for Mastercard. “By combining the right inventory with the right mix of online versus in-store, many retailers were able to give consumers what they wanted via the right shopping channels.”
Department stores fell 1.3%, partly due to branch closures, following two years of slight declines, Mastercard noted. However, online sales by department stores jumped 10% this holiday.
SpendingPulse reports on US retail sales across multiple transaction methods, including Mastercard payment data, and survey results for other payment types.
Story updated Thursday to include jewelry sales.
Image: Holiday shopping. (Alliance/Shutterstock)
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