Building on the positive retail momentum seen since the start of this year, US retail jewellery sales tripled (203.4%) in May 2021 and grew 44.7% compared with May 2019, according to the Mastercard SpendingPulse monthly macroeconomic report that tracks American retail sales.
The country’s total retail sales growth of 12% in May was fuelled by pent-up demand and store reopenings, it said. “As the broader US reopening occurs and consumers return to brick and mortar, we anticipate e-commerce sales will ease slightly compared to last year (-6.6%) but will remain up a significant amount (+53.2%) when compared to 2019,” Mastercard noted.
The company forecast a 25.3% year-on-year (9.5% vs. 2019) increase in the Department Store sector as they rebound from last year’s dip in foot traffic.
According to Mastercard SpendingPulse, US retail sales are expected to grow 5.5% excluding automotive and gas during the critical 15th July through 6th September back-to-school period compared to 2020. Compared to 2019, sales are expected to grow 6.7%. “Back to school has always been a prime season for retailers. This year, the broader reopening brings an exciting wave of optimism as children prepare for another school year, and the grown-ups in their lives approach a similar ‘return to office’ scenario,” said Steve Sadove, Senior Advisor for Mastercard and Former CEO and Chairman of Saks Incorporated. “This back-to-school season will be defined by choice as online sales remain robust, brick and mortar browsing regains momentum and strong promotions help retailers compete for shoppers’ wallets.”