US jewellery retail spending in June increased 16.2% year-on-year and was 86.6% higher than the pre-pandemic month of June 2019, payments tracking firm Mastercard SpendingPulse said.<\/p>\n\n\n\n
Discretionary spending continued to drive growth across the fashion-forward sectors in June, including luxury +4% year-on-year (YOY) and +54% versus June 2019 (YO3Y) and department stores +8.6% YOY and +21.4% YO3Y.<\/p>\n\n\n\n
And with summer in full swing, consumers continue to spend on travel experiences: airline and lodging are both up +18.2% YOY & +7.3% YO3Y, and +33.7% YOY & 30.4% YO3Y, respectively, it noted.<\/p>\n\n\n\n
Mastercard SpendingPulse said total US consumer retail spending excluding automotive increased +9.5% YOY in June, while retail sales excluding auto and gas rose +6.1% YOY.<\/p>\n\n\n\n
Excluding auto and gas, in-store spending is up +11.7% YOY in June, and while e-commerce grew at a slower pace this month (+1.1% YOY), sales for e-commerce remain roughly double (+97.6%) compared with June 2019 levels. Nominal spending growth is down slightly compared to May, though remains consistent with growth levels seen earlier in 2022, it added. <\/p>\n\n\n\n
As inflation persists, consumers are paying more for essentials. \u201cSector by sector, we\u2019re seeing a varied picture of how inflation is impacting essential vs discretionary consumer spending,\u201d said Steve Sadove, Senior Advisor for Mastercard and former CEO and Chairman of Saks Incorporated. \u201cOne notable highlight is that travel sectors such as airlines and lodging continue to show signs of strong demand.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
US jewellery retail spending in June increased 16.2% year-on-year and was 86.6% higher than the pre-pandemic month of June 2019, payments tracking firm Mastercard SpendingPulse said. Discretionary spending continued to drive growth across the fashion-forward sectors in June, including luxury +4% year-on-year (YOY) and +54% versus June 2019 (YO3Y) and department stores +8.6% YOY and…<\/p>\n","protected":false},"author":1,"featured_media":16155,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-16154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n