According to the latest data from Mastercard SpendingPulseTM, jewellery sales increased by 31 per cent in December last year from 2020 and by 27 per cent compared to the same period in 2019.

Overall retail sales in December also ended on a high note, with a year-on-year growth of 6.9 per cent. Mastercard SpendingPulseTM measures in-store and online retail sales across all forms of payment. 

Mastercard said retail trends continue to reflect evolving consumer preferences and demand for personalised experiences.

“As we kick-off 2022, there are a number of trends to watch that build on December momentum—including new ways people are shopping and paying and innovative strategies for how retailers are reaching consumers and providing different experiences for them,” the report said.

These trends include: “Buying with a Purpose,” where consumers look for retailers that share their values, and create and deliver products in a sustainable and inclusive way; “Commerce e-Volution,” where retailers and brands are expected to continuously innovate and use different platforms and tactics to reach hyper-connected consumers; “Experiential Retail,” which sees the ability to make purchases “how I want” to continue, requiring retailers to offer hybrid model; and “Consumer Privacy Gets Real,” which highlights a heightened focus on consumer privacy to meet the demand for personalised experiences.