US Jewellery Sales Rise 22.4% In February

US jewellery sales climbed 22.4% in February 2022 versus a year ago as consumers continue to dip into their savings to purchase symbols of self-expression, said Mastercard SpendingPulse, a company that tracks retail sales. Compared with February 2019, jewellery sales growth was even higher, at 24.2%, it noted.

“Despite inflation, consumers are putting their record savings to work and expressing themselves through fashion again—much to the benefit of the Apparel, Department Store, Luxury and Jewellery verticals, according to Mastercard SpendingPulse,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated.

Overall US consumer spending maintained positive momentum in February, as total retail sales (excluding auto) increased 8.7% year-over-year and were up 17.3% compared to pre-pandemic spending (2019).

When looking across channels, in-store sales grew 10% in February compared to the same month last year and 8% versus the pre-pandemic period as consumers resume in-person activity. E-commerce sales in February were up 4.4% year-over-year and 85.9% vs. pre-pandemic as the shift to digital remains a persistent yet slowing trend.

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