The US jewellery retail sector experienced growth in January 2023 after three quarters of unimpressive performance, according to Mastercard SpendingPulse™, which measures in-store and online retail sales across all forms of payment.
After 9 months of stagnant growth, jewellery sales in January were up +6.5% year-on-year, potentially reflecting early Valentine’s Day shopping, Mastercard indicated.
Steve Sadove, Mastercard Senior Advisor and Former CEO of Saks, Inc., said, “Consumer spending remains resilient in the first few weeks of 2023. Mastercard SpendingPulse insights show that the overall retail story remains largely positive with January posting a solid month of growth across the country.”
Overall US retail sales (excluding automotive) were up +8.8% year-over-year in January. E-commerce sales were up +8.4% YOY, while in-store sales were up +8.9% YOY.
Michelle Meyer, North America Chief Economist, Mastercard Economics Institute, added, “The primary factor driving spending decisions is income – not just income today but the expectation for income tomorrow. The strength in the labour market remains a critical support for consumer purchasing power and we’re seeing this reflected in our SpendingPulse insights for January.”