Jewelry Leads US Holiday Weekend Spending

RAPAPORT… Spending in the US increased 14% year on year over the Thanksgiving weekend, driven by a surge in sales of jewelry and apparel, according to Mastercard SpendingPulse.

Outlay for the Friday-to-Sunday period also rose 6% compared to 2019, Mastercard said Monday. Spending in stores jumped 17% over 2020 levels, while online sales were up 5%. Both categories also beat 2019 figures.

“Apparel, department stores and jewelry were key drivers for the weekend’s growth,” the company noted.

Sales of jewelry soared 78% year on year, with apparel jumping 51%. Overall spending at department stores rose 19%.

Expenditure on Cyber Monday was up 7% versus 2019 by early afternoon, Mastercard said.

“E-commerce continues to dominate the retail landscape,” said Steve Sadove, senior adviser for Mastercard, noting that Cyber Monday was positive for the industry. “Coupled with a strong Thanksgiving weekend, retailers continue to see healthy consumer spending this holiday season.”

Meanwhile, US shoppers spent $13 billion online on Black Friday, 5% more than last year, according to Salesforce. The company expected total e-commerce sales of $11 billion for Cyber Monday.

Image: A woman shopping for jewelry. (Shutterstock)