Jewellery in the US witnessed a sales growth of 22.3% in May compared with May 2021, and an increase of 65.4% versus pre-pandemic May 2019, according to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment.
Total U.S. retail sales excluding automotive increased 10.5% year-over-year in May, and 21.4% compared to May 2019. This is outpacing YOY monthly growth experienced thus far in 2022. In-store sales were a key driver, up 13.7% compared to pre-pandemic levels.
“The continued retail sales momentum in May aligns with the sustained growth rates we’ve seen so far this year,” said Michelle Meyer, US Chief Economist, Mastercard Economics Institute. “The consumer has been resilient, spending on goods and increasingly services as the economy continues to rebalance. That said, headwinds have become stronger – including gains in prices for necessities like gas and food, as well as higher interest rates.”