Jewelry Sales Strong in March

RAPAPORT… US jewelry sales rose in March amid a broader reopening of the economy, according to Mastercard SpendingPulse.

Revenue for the category climbed 12% year on year during the month, Mastercard reported Wednesday. The segment also benefited from consumers refreshing their wardrobe ahead of honeymoon trips and other travel adventures. Jewelry purchases jumped 79% compared to the same period of 2019. However, the growth was lower than February’s 22% year-on-year surge.

“Retail sales remain strong but are stabilizing as consumers resume spending on passion areas like travel, live entertainment, indoor dining and other in-person activities,” said Mastercard senior adviser Steve Sadove. “After nearly two years of cautious optimism around the broader reopening, it’s a healthy sign that consumers are returning to a balanced level of spending across retail sectors and services.”

Total spending in March was up 8% from 2021 and 18% versus the same period three years ago. E-commerce sales slipped 3.3% year on year, while in-store revenue gained 11%. Online soared 84% compared to 2019, with brick-and-mortar revenue increasing 9%.

Sales advanced across all segments Mastercard covers. Travel saw the sharpest increase, with airline growth up 45% year on year, lodging rising 46% and restaurant dining climbing 19%. Luxury goods, excluding jewelry, saw a 27% rise.

Image: A man buying jewelry. (Shutterstock)