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Jewelry Sees Black Friday Bump in Online Sales

November 26, 2023  |  Leah Meirovich
Black Friday sales credit Shutterstock 1280 USED 261123

Black Friday saw a strong showing for the jewelry sector, with e-commerce sales surging and overall demand positive, according to initial data releases.

Online sales in the segment rose 114% compared to an average day in October for the November 24 shopping day, Adobe Analytics reported Saturday. E-commerce spending across all categories climbed 7.5% year on year to a record $9.8 billion, beating the data provider’s prediction of $9.6 billion. Other sectors that performed well were electronics, apparel and toys, it added. Overall sales on Thanksgiving rose 5.5% to a record $5.6 billion, matching Adobe’s forecast.

Online and in-store sales rose 2.5% year on year on Black Friday, according to a separate report from Mastercard SpendingPulse. In-store revenues were up 1.1% from the same day a year ago, while the company estimated an 8.5% increase in e-commerce sales.

“Consumers are navigating the holiday season well and taking advantage of holiday promotions, giving them ample choice as they hunt for gifts for everyone on their list,” said Mastercard senior adviser Steve Sadove. “While experiential gifts have been the popular choice the past few years, consumers continue to search for something to unwrap for the holidays, with jewelry and apparel being the top gift sectors of the day,” Mastercard added.

Adobe expected online sales to remain strong throughout the remainder of the holiday weekend. It predicted sales of $4.8 billion on Small Business Saturday — which occurred on November 25 — and a further $5.2 billion on Sunday. Cyber Monday is set to be the biggest shopping day of the year, with sales increasing 5.4% year on year to a record $12 billion, the company forecast.

Online sales for the five-day period from Thanksgiving to Cyber Monday will rise 5.4% year on year to $37.2 billion, representing 17% of sales for the holiday season, Adobe estimated.

Correction, November 30, 2023: Online jewelry sales rose 114% compared to the average day in October, not year on year, as was originally reported.

Main image: A Black Friday sale in a store. (Shutterstock)

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Black Friday sales credit Shutterstock 1280 USED 261123 Jewelry Sees Black Friday Bump in Online Sales

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