US retail diamond sales rose 0.5% in April to US$757.1 billion, driven by tax refunds and steady consumer spending despite inflation and higher gas prices.
April retail sales increased 0.5% month-over-month and 4.9% year-over-year, marking the seventh consecutive month of growth.
Clothing and accessories, including jewellery, saw a 10% year-over-year sales increase and a 0.6% rise from March.
Retail growth persisted despite inflation, rising gas prices, and cautious consumer sentiment, supported by wage growth and tax refunds.
Rapaport Trade Insight: Steady jewellery sales growth amid inflation highlights natural diamonds’ resilience when consumers prioritise meaningful purchases.
US retail sales grew in April as consumers took advantage of extra cash from tax refunds.
Revenue increased 0.5%, adjusted for seasonal variation, from the previous month to US$757.1 billion, according to data the US Census Bureau released last week. It was the seventh consecutive month sales improved, even amid rising inflation and gas prices.
“Retail sales continued to grow in April despite higher gas prices driven by the ongoing conflict in Iran, cautious consumer sentiment and the persistent concerns about sustained inflation,” said National Retail Federation (NRF) CEO Matthew Shay.
“Spending on household priorities remains solid, supported by a steady labour market, wage growth and a significant influx of cash from tax refunds.”
Sales were up 4.9% from April last year, while total sales for the February to April period advanced 4.4% by the same parameter, the Census Bureau reported.
The NRF, which monitors spending using credit- and debit-card purchase data rather than survey-based numbers, stated that April sales were primarily flat from last month.Year-on-year, April’s sales grew in eight of the nine categories the NRF monitors. The clothing and accessories segment, which encompasses jewellery, gained 10% year on year and 0.6% compared to the previous month. The building and garden-supply stores category was the only one that fell year on year, dropping 2.7%. – Rapaport.com
