US shoppers continued to splurge on jewellery in July, reported Mastercard SpendingPulseTM, which measures in-store and online retail sales across all forms of payment. US jewellery sales grew 82.6% in July 2021 versus 2020 and rose 54.2% compared with 2019, it noted.
“While e-commerce continues to play an increasingly significant role for retail, nothing replaces the in-store experience,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “July numbers reflect a return to the store. Consumers are shopping, spending and splurging across channels.”
Overall retail sales in the US grew for the 11th consecutive month in July. With more cash in hand—fuelled in part by the Child Tax Credit and pent-up savings—consumers drove US retail spending growth excluding automotive and gasoline to +10.9% compared to July 2020. This is nearly quadruple the average growth in the month of July.
Brick-and-mortar browsing is making its return, with in-stores sales making up 81.9% of total retail sales (ex auto) for the month. According to Mastercard SpendingPulse, in-store sales were up +15.5% YOY in July and weekends experienced positive spikes in spending as a result of in-store shoppers returning to physical stores.
Bricklin Dwyer, Mastercard’s Chief Economist and Head of the Mastercard Economics Institute, said, “Back to school shopping is back. Combined with greater savings and higher demand, the Child Tax Credit has provided a boost for families and is putting more money into retailers’ pockets.”