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The jewelry sales juggernaut soared to new heights in June 2022, as consumer spending increased by 16.2% compared to June of 2021 (YOY) and an incredible 86.6% versus the pre-pandemic figures of June of 2019 (YO3Y).
The jewelry segment’s three-year gain outpaced every other retail category.
Jewelry’s sales performance in June 2022 mirrored May 2022’s stellar numbers when YOY sales were up 22.3% and YO3Y sales soared 65.4%.
These statistics were reported by Mastercard SpendingPulse, which measures in-store and online sales across all forms of payment.
The credit card company emphasized that discretionary spending in June 2022 continued to drive growth across the fashion-forward sectors.
In addition to the impressive gains in jewelry sales, luxury items (excluding jewelry) saw a June 2022 increase of 4% YOY, and a 54% YO3Y.
And with summer in full swing, consumers continued to break out from pandemic restrictions and spend more on travel experiences: Lodging registered strong gains of 33.7% YOY and 30.4% YO3Y, while Airlines followed a similar, albeit less impressive, trend line of 18.2% YOY and 7.3% YO3Y.
Overall consumer spending in June (excluding auto and gas) was up 6.1% YOY and 17.1% YO3Y.
According to Mastercard SpendingPulse, e-commerce grew at a slower pace in June (1.1% YOY) but were roughly double June 2019 levels. By comparison, in-store sales in June 2022 were up 11.7% YOY and 10.7% YO3Y.
Mastercard SpendingPulse findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check.
Credits: Shopper image by Bigstockphoto.com. Table courtesy of Mastercard SpendingPulse.