US Jewelry Sales Surge Amid Strong Demand

RAPAPORT... US jewelry sales rose in July, driven by strong demand and consumers' desire to spend on products that made them happy, according to Mastercard SpendingPulse.Revenue for the category jumped 19% year on year during the month, Mastercard reported last week. While price rises drove growth in many segments, the hike in jewelry "well outpaced sector-specific inflation," the company noted. Jewelry purchases soared 109% compared to the same period of 2019, representing the highest increase of all the categories Mastercard monitors."The latest retail trends place an emphasis on consumer choice and passion-driven spending - they're hunting for deals, shopping across channels and ultimately still spending on experiences and goods that make them feel good," said Steve Sadove, senior adviser for Mastercard. Total spending in July climbed 11% from 2021 and 22% versus the same period three years ago. E-commerce sales gained 12% year on year - the first month of double-digit sales growth since December - while in-store grew 11%. Online soared 99% compared to 2019, with brick and mortar advancing 14%. Much of the strength of e-commerce in July was a result of major promotional deals as retailers worked to ignite sales and offload excess goods before the holiday season."As retailers grapple with excess inventory and supply-chain constraints, it's likely that the promotional activity seen in July will continue to be an important strategy for retailers." Sadove added.Sales went up year on year across all segments Mastercard covers, apart from luxury products - excluding jewelry - which fell 3.7%. Only travel-related spending saw a sharper upturn than jewelry. Fuel and convenience rose 32% relative to July 2021, and lodging improved 30%.Image: A woman buying jewelry. (Shutterstock)