Jewelry Sales Surge in February

RAPAPORT… US jewelry sales rose in February amid a rebound in consumer spending on apparel and accessories, according to Mastercard SpendingPulse.

Revenue for the jewelry category grew 22% year on year during the month, Mastercard reported last week. The segment also benefited from the extra cash shoppers diverted from their travel and restaurant budgets. Jewelry purchases jumped 24% compared to the same period of 2019.

“Apparel growth rates remained elevated for the month as consumers prepare to return to physical offices, updating their wardrobes after nearly two years of working remotely,” the company noted.

“Despite inflation, consumers are putting the record savings to work and expressing themselves through fashion again — much to the benefit of the apparel, department-store, luxury and jewelry verticals,” added Mastercard senior adviser Steve Sadove.

Total spending in February was up 9% from 2021 and 17% versus the same period three years ago. E-commerce sales climbed 4.4% year on year, while in-store revenue grew 10%. Online surged 86% compared to 2019, with brick-and-mortar revenue increasing 8%.

The growth was higher than in January, despite the rise in inflation levels, Mastercard explained. Sales advanced across all segments Mastercard covers. Luxury goods, excluding jewelry, saw the sharpest increase, up 55% year on year, followed by restaurants at 39% and apparel at 38%.

Image: A woman buying jewelry. (Shutterstock)