De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
In age of experiential spending, jewelry holds its own
Retail spending was up again in the month of July as the economy continues to slowly climb out of the recession and consumers spend on experiences and fine jewelry, which is seen as an investment because of its permanence, over gone-tomorrow material goods, according to MasterCard.
New York--Retail spending was up again in the month of July as the economy continues to slowly climb out of the recession and consumers spend on experiences and fine jewelry, which is seen as an investment because of its permanence, over gone-tomorrow material goods, according to MasterCard.
The company’s latest SpendingPulse report, which draws from MasterCard’s near-real-time purchase data and processes it using a model that predicts total spend including cash and check payments, shows that U.S. retail sales were up 5 percent year-over-year in July. This is the largest year-over-year growth since October 2012, according to MasterCard.
Consumers are starting to feel more comfortable and confident about the economic recovery, which is evidenced in the rise of discretionary spending. Among the top categories for retail sales last month were lodging, airlines and restaurants, all of which are classified as experiential spending. This was offset by slower sales in automotive, grocery and luxury items (excluding jewelry).
The move toward experiential spending also has extended into jewelry, MasterCard said, and the category has seen 17 months of continued year-over-year growth. While no concrete numbers about the sales of jewelry in July were available, the category was the third highest growth category for the month.
“Consumers are choosing experiences, like dining out and travel, over goods, but jewelry is one product that they are still choosing to invest in because it has some permanence,” said Sarah Quinlan, senior vice president, market insights for MasterCard Advisors, in an email to National Jeweler. “We’re also seeing in our data that the jewelry being bought is at a high price point, around $2,500.”
She added that sales of costume jewelry were flat in July, supplying further evidence that people are turning to fine jewelry because of its investment value.
Quinlan said that they expect an even stronger holiday season this year, with jewelry sales both in store and online continuing to be a big factor in the retail environment.
“About 20 percent of jewelry sales occur online, so it will be critical for retailers this holiday to make sure they have an e-commerce strategy to capitalize on those sales.”
The Latest
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.