Discretionary spending continued to fuel growth in fashion-oriented sectors in the US in June, including jewellery, which saw double-digit year-on-year increase in sales.
According to Mastercard SpendingPulseTM, which measures in-store and online retail sales across all forms of payment, jewellery sales in June rose 16.2 per cent from the same period in 2021. By comparison, 2022 figures were up 86.6 per cent from pre-pandemic levels in June 2019, demonstrating sturdy growth.
Overall, US consumer retail spending excluding automotive increased by 9.5 per cent year on year in June and by 20.8 per cent from June 2019. Amid inflation, consumers are spending more for essentials such as fuel and food, Mastercard SpendingPulseTM said. US inflation hit a 40-year high of 8.6 per cent in May.
“Sector by sector, we are seeing a varied picture of how inflation is impacting essential versus discretionary consumer spending,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Inc. “One notable highlight is that travel sectors such as airlines and lodging continue to show signs of strong demand.”