‘RAPAPORT… Jewelry sales in the US rose in January, buoyed by positive holiday momentum and stimulus payments, according to Mastercard SpendingPulse.
Sales in the category increased 3.3% year on year during the month, data released by Mastercard showed last week. Total spending in all categories climbed 9% versus the same period in 2020, while online sales soared 62%. All 50 states saw a jump in consumer spending, as did nearly all retail sectors, the company noted.
Consumers were most willing to shell out on items for their homes, with hardware gaining 19% during the month, and furniture and home goods up 17%. Although apparel decreased 4.3% in January, it experienced the mildest year-on-year decline since the onset of the pandemic in March.
Meanwhile, department-store sales were up 1.5%, marking the first year-on-year increase in the category since 2019. A 28% rise in online sales boosted that figure.
“For consumers, e-commerce has emerged as a lifeline and a lifestyle,” said Mastercard senior adviser Steve Sadove. “January’s number are just further proof of this ongoing trend. A big, bright note from January is that consumers are spending. While we know that consumers are also saving their stimulus funds and paying down debt, these numbers show that stimulus is helping to boost sales for retailers around the country.”’
Source – Rapaport