US Jewelry Sales Rise in September

RAPAPORT... US jewelry sale increased in September even as other luxury categories lost steam, according to Mastercard SpendingPulse.Revenue for the category grew 7% year on year during the month, Mastercard reported last week. The rise comes despite the effects of inflation, which influenced a 5% decline in sales of luxury products excluding jewelry. Overall retail spending climbed 11% in September, with both e-commerce and in-store sales rising by that margin. Sales went up year on year across all other segments Mastercard covers. However, the growth rate in spending on home products slowed considerably from its popularity during the pandemic, with furniture and home furnishings inching up 1%. Travel categories saw the highest growth, as layout on airline tickets jumped 56%, and lodging saw a 38% increase.The retail sector is performing well above pre-pandemic levels with total sales up 25% in September compared to the same period in 2019. Jewelry purchases surged 68% versus three years ago, representing the highest increase for that period of all the categories Mastercard monitors. Image: A woman shopping for jewelry. (Shutterstock)