US jewelry sales saw a significant increase in September, as consumers ramped up their purchases during the Labor Day weekend. According to a report released by Mastercard SpendingPulse, sales in the jewelry sector rose 3.8% year-on-year for the month, reflecting notable growth.
Overall, total retail sales in the US also experienced solid gains. Online sales climbed 6.5%, while in-store sales grew by 2.2% compared to the same period last year.
Additionally, consumer spending on dining out increased by 4.7% year-on-year in the final weeks of summer. However, in the southeastern US, spending patterns shifted away from apparel and other categories due to the impact of Hurricane Helene.
Mastercard also provided insights into its holiday spending forecast. The company predicts that spending from November 1 to December 24 will rise by 3.2% compared to last year. It anticipates that younger shoppers will gravitate towards trendy, affordable jewelry brands rather than traditional labels. Spending on these newer brands is expected to increase by 9%, even as the average transaction value declines from $121 to $116.
Related topics:
- India’s Diamond Polishing Revenues Expected to Hit Decade Low
- Paraiba Tourmaline and Diamond Ring Surpasses Estimate at Bonhams
- Burgundy Diamond Mines Seeks Government Support Amid Market Slowdown
