US Jewelry Sales Speed Up in July

RAPAPORT… Jewelry sales in the US saw a sharp spike in July as in-store traffic increased and customers had extra cash available to spend, according to Mastercard SpendingPulse.

Sales in the category grew 83% year on year during the month, reflecting a favorable comparison with July of last year, when the Covid-19 pandemic forced many stores to close. However, jewelry spending also rose 54% versus 2019, Mastercard said last week.

Spending in all retail categories climbed 11% year on year and advanced 10% over July 2019, while e-commerce revenue was up 6% versus July 2020 and 78% compared to the same month in 2019.

“With more cash in hand — fueled in part by the child tax credit and pent-up savings — consumers drove US retail spending growth,” Mastercard explained. “This is nearly quadruple the average growth in the month of July.”

In-store sales jumped 16% year on year, contributing 82% of the month’s total, Mastercard noted. Weekends saw especially positive brick-and-mortar figures as shoppers returned to physical stores, it added.

Sectors that reflect a return to school and work also saw significant growth, as consumers flocked to stores to stock up. Sales of apparel increased 80% year on year, while department stores gained 45%.

“While e-commerce continues to play an increasingly significant role for retail, nothing replaces the in-store experience,” said Mastercard senior adviser Steve Sadove. “July numbers reflect a return to the store. Consumers are shopping, spending and splurging across channels.”

Image: A woman shopping for jewelry. (Shutterstock)