Jewellery tops festive spending for 2023

UK jewellery and clothing sales have seen significant growth during the holiday period running from 1 November to 24 December, increasing by 8.3% and 8%, respectively, according to preliminary insights from Mastercard SpendingPuls.

The report stated that the jewellery category was a “festive favourite”. In total UK retail sales for the holiday period were up 2.6% year-on-year.

SpendingPulse measures in-store and online retail sales across all forms of payment and is not adjusted for inflation.

The report also revealed that there has been a festive return to in-person experiences, as in-store sales increased 3.5% year-on-year (YoY).

On the other hand, online sales were down 2.8%, showing that consumers still have an appetite for shopping in-person.

Natalia Lechmanova, senior economist, Europe for Mastercard said; “The British consumer has been savvy with their spending this year. Although overall retail spend is relatively flat, we’ve seen an increase in spending on Black Friday and Cyber Monday promotions when it comes to electronics in particular. Shoppers have been willing to splash out for gifts, with spending on jewellery and clothing up considerably year-on-year, but wanted to do so at the right price.”

“We’ve also seen a cautiously optimistic return to the high street. British consumers want to celebrate during the festive period, and we’ve seen spending on restaurants increase by over 10% as people continue to value experiences and spending time together post-pandemic.”