23-12-2020
Retail sales dipped one percent mom but climbed four percent yoy in November, according to data from the U.S. Department of Commerce.
“The month-over-month decline isn’t surprising because some spending was pulled forward into October by campaigns encouraging consumers to shop early and shop safe,” commented National Retail Federation (NRF) chief economist Jack Kleinhenz.
Vipul Shah, GJEPC vice-chairman said: “Jewellers in America expected to do better than last Christmas. Pandemic and travel restrictions have spurred the demand in some quarters such as the diamond engagement ring category in the United States, China and Europe. The United States and China, which accounts for about 70 percent of the diamond jewellery demand, have shown double-digit growth.” Diamond-studded and gold jewellery are safe options for celebration.
Digital sales in the United States soars 30 percent yoy on 19 December, the Super Saturday of 2020. NRF pointed out that many shoppers waited for lists from family and friends and held out for the best deals. NRF predicted 150 million shoppers shopped on Super Saturday, with slightly over 40 percent of interviewees only buying online on discount day.
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