Jewelry Sales Climb as Luxury Spending Persists

RAPAPORT... US jewelry sales rose in June amid a surge in discretionary spending and a return to travel, according to Mastercard SpendingPulse.Revenue for the category jumped 16% year on year during the month, Mastercard reported last week. Many consumers are refreshing their wardrobes as they return to the social scene and make vacation plans. Jewelry purchases soared 87% compared to the same period of 2019, representing the highest growth of all the segments Mastercard monitors."Discretionary spending continued to drive growth across the fashion-forward sectors in June, including jewelry, luxury and department stores," Mastercard noted. "And with summer in full swing, consumers continue to spend on travel experiences."Total spending in June increased 9.5% from 2021 and 21% versus the same period three years ago. E-commerce sales grew 1.1% year on year, while in-store gained 12%. Online surged 98% compared to 2019, with brick and mortar advancing 11%. Sales advanced across all segments Mastercard covers. Only travel-related spending saw a sharper upturn than jewelry. Fuel and convenience rose 42% relative to June 2020, lodging was up 34%, and airline purchases improved by 18%. Image: A woman shopping for jewelry. (Shutterstock)