US Jewelry Sales Swell in June

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RAPAPORT… Jewelry sales in the US more than doubled in June, as shoppers continued their return to spending amid the reopening of the economy, according to Mastercard SpendingPulse.

Sales in the category grew 108% year on year during the month, reflecting a comparison with June of last year, when the Covid-19 pandemic forced many stores to close. However, jewelry spending also rose 59% versus 2019, Mastercard said last week. That represents an acceleration in growth, as May jewelry sales increased 45% compared to pre-pandemic levels.

Spending in all retail categories climbed 11% year on year and advanced 10% over June 2019, while e-commerce revenue was up 8% versus June 2020 and 95% 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 noted. Sales at department stores rose 67%, while lodging grew 107% and spending at restaurants increased 55%.

“Consumers continue to venture out more for meals and shop both online and in stores, refreshing their looks for summer camp, vacations and travel,” the company noted.

Conversely, June saw a rare decrease for the furniture and home-furnishing segment, in contrast to strong sales in 2020, when many consumers carried out home projects amid the pandemic, Mastercard added.

Image: A woman buying jewelry. (Shutterstock)

Source: Diamonds.net Rapaport

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