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Festive jewellery spending increases 29% YOY, Mastercard reveals

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Jewellery spending has increased 29% year-on-year in the run up to Christmas, according to the latest data by Mastercard SpendingPulse.

Events such as weddings were seen as a key driver for the uplift in jewellery sales, as is the assumption many wanted to treat themselves and loved ones this Christmas.

Overall, UK retail sales increased 9% year-on-year between 1 November and 10 December.

In the UK, the high street has rebounded with in store sales up 26% compared with the same period in 2020.

Kelly Devine, divisional president, Mastercard UK and Ireland, said: “Retail sales in the UK have shown good resilience so far during the 2021 festive season. Sales growth got off to a slow start in the first few days of November but then quickly recovered to post positive results compared to a year ago.

“With the current uncertainty around the impact of the Omicron variant, last minute Christmas shoppers are planning ahead to avoid missing out on the online delivery windows.”

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