Black Friday sales to reach record highs, gold remains a popular gift – Kitco NEWS

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gold Indian jewelry(Kitco News) – Once the Thanksgiving dinner is put away and the dishes are cleared, American consumers will be ready for another holiday tradition, Black Friday Shopping. Continuing a trend from 2020, a little bit of bling is expected to go under the Christmas Tree.

As the busiest shopping period of the year kicks off, the National Retail Federation expects 2021 to be a record-breaker. The Federation projects consumers to spend between $843.4 billion and $859 billion this year, increasing 8.5% to 10.5%, respectively.

Not only is the 2021 holiday shopping season expected to reach new record highs, but the increase is well above the five-year growth average of 4.4%

“There is considerable momentum heading into the holiday shopping season,” NRF President and CEO Matthew Shay said in a press release. “Consumers are in a very favorable position going into the last few months of the year as income is rising and household balance sheets have never been stronger.”

As to what consumers will be buying this year, jewelry and gold products are expected to be popular items following solid sales growth in 2020.

In an interview with Quartz, Bart Kitner, president of Kitco Metals, said that his company saw a 50% increase in gold gifts in November 2020 compared to the previous. He added that he expects to see a slightly cooler demand for gifts as investment demand for bullion remains strong.

“People who buy gold as gifts probably would not spend more than $1,000 per purchase, and I think I’m being generous with that,” Kitner said in the interview. “Investors, on the other hand, will easily buy bars and coins for anywhere from $10,000 to $50,000 at a time. Approximately 5-10% of gold investors will spend upwards of $500,000 on bullion.”

Last week, U.K. precious metals research firm Metals Focus said that they expect jewelry consumption to increase by 140 tonnes this year, a 10% increase from 2019. The analysts look for jewelry demand to rise to its highest level in 12 years.

Gold bullion sales look to be on par with last year. Sales data from the U.S. Mint shows that it has sold 81,000 ounces of gold so far this month, compared to 85,000 ounces sold last year.

Not only is this holiday shopping season expected to be a record-breaker, but consumers will be using more than just U.S. dollars. According to projections from CoinPayments, the world’s larges cyrptocurrency processor, consumers are expected to spend more than $600 million in cryptocurrencies in November and Black Friday, a more than 100% increase from last year.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.