Jewelry continues to outperform all other retail sectors, according to statistics released by Mastercard SpendingPulse. Jewelry sales in May of 2022 were up 22.3% compared to May 2021.
When comparing May's performance with pre-pandemic levels, the numbers are even more impressive. Retail jewelry sales for May 2022 grew 65.4% compared to May of 2019, the strongest three-year gain of any retail sector.
“The continued retail sales momentum in May aligns with the sustained growth rates we’ve seen so far this year,” said Michelle Meyer, U.S. Chief Economist, Mastercard Economics Institute. “The consumer has been resilient, spending on goods and increasingly services as the economy continues to rebalance."
Mastercard SpendingPulse reported that total U.S. retail sales, excluding automotive, increased 10.5% year-over-year in May, and 21.4% compared to pre-pandemic May 2019. In-store sales were a key driver, up 13.7% compared to pre-pandemic levels.
The jewelry sector has been riding a year-long wave of impressive sales data. Last summer Mastercard singled out “jewelry” as the fastest growing retail sector, with July 2021 sales jumping a whopping 54.2% compared to pre-pandemic July 2019 levels.
In December, the jewelry sector was highlighted again when Mastercard emphasized how “smaller boxes had a big impact” during the holiday season. Jewelry sales soared 32% during the period that spanned November 1 through December 24.
Mastercard SpendingPulse™ reports on US retail sales across all payment types. The 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.