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Valentine’s Day Spurs Strong Jan. Jewelry Sales

Feb 13, 2022 5:47 AM   By Rapaport News
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Jewelry was a hot seller in January as consumers purchased gifts for their loved ones ahead of Valentine’s Day, according to Mastercard SpendingPulse.

Revenue from the category rose 20% year on year during the month, Mastercard said last week. The division also benefited from shoppers’ desires to refresh their wardrobes for events taking place in 2022. Sales of jewelry jumped 31% compared to the same period of 2019.

Total spending in January was up 7% from 2021 and 22% versus the same period three years ago. E-commerce sales climbed 10% year on year, while in-store revenue grew 5%. Online surged 110% compared to 2019, with brick-and-mortar revenue increasing 11%.

The growth comes despite the rise in Covid-19 Omicron cases and elevated inflation. January is usually better-known for holiday returns than high sales, the company added.

“Coming on the heels of the holidays, January typically marks a month of returns and exchanges,” said Mastercard senior adviser Steve Sadove. “However, the strong growth across sectors reflects the optimism and eagerness for the year ahead. With nearly all sectors up, we see consumers returning to their shopping habits with continued emphasis on digital.”

Pent-up savings, wage growth, and the continued reopening of the “experience economy” also buoyed sales, Mastercard noted.

Sales advanced across all segments Mastercard covers. Luxury goods, excluding jewelry, saw the sharpest increase, up 45% year on year, followed by apparel at 38% — the strongest January growth rate for the category in Mastercard SpendingPulse history, it said.

Image: A man giving a woman jewelry for Valentine’s Day. (Shutterstock)
Tags: Jewelry, mastercard, MasterCard SpendingPulse, Rapaport News, Steve Sadove, Valentine’s Day
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