RAPAPORT… Jewelry sales in the US more than tripled in April as consumers anticipated a return to gatherings and events, according to Mastercard SpendingPulse.
Sales in the category increased 255% year on year during the month, benefiting from a strong base comparison with April of last year when the Covid-19 pandemic forced many US stores to close, Mastercard said last week. Government stimulus payments, warmer weather and a broader reopening also buoyed spending.
“April’s retail sales growth reinforces that the American consumer is healthy and eager to spend,” said Mastercard senior adviser Steve Sadove. “There are a lot of factors at play including stimulus funds, pent-up demand, and the desire to reconnect with friends and family. The fact is that people are excited to gather again and they’re refreshing their look for the occasion.”
Online jewelry sales grew year on year, even when compared with record-breaking e-commerce activity during the same month in 2020, Mastercard noted. E-commerce continued to account for a larger proportion of sales than before the pandemic, with online revenues from jewelry representing 16% of April’s total.
Spending in all retail categories climbed 23% year on year and advanced 11% over April 2019, while e-commerce revenue surged 20% versus April 2020 and skyrocketed 96% compared to the same month of 2019.
Some of the sectors that suffered the most in 2020 are seeing the largest year-on-year gains, Mastercard added. Sales at department stores rose 203%, while lodging was up 319% and spending at restaurants climbed 119%.
Image: A woman buying jewelry in a store. (Shutterstock)
Source: diamonds.net Rapaport