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Survey: Jewelry sales up 7.2 percent in October

November 06, 2009

New York--Things are looking up for luxury goods in general, and jewelry, in particular, according to the latest statistics for the month of October released by SpendingPulse, an information service provided by MasterCardAdvisors.

In October, apparel sales increased 3.4 percent compared with the same period a year ago, luxury goods overall increased 6.5 percent and jewelry increased 7.2 percent, while department store sales declined 1.5 percent, according to SpendingPulse results released on Tuesday.

"Things are better than they were a year ago," Michael McNamara, vice president for research and analysis at SpendingPulse, told The New York Times. "But we're still below where we were two years ago."

He also noted that the October sales figures were achieved without the high level of discounting that went on a year ago, suggesting that inventory and demand are better aligned than they were at the same time in 2008.

The organization estimates sales figures based upon all forms of payment, including cash, checks and credit cards.

Many analysts and economists as well as the National Retail Federation are forecasting holiday sales to be either flat or slightly worse than last year. But more bullish analysts, including those at Deutsche Bank and Citi for instance, think sales for the industry will rise 1 percent to 2 percent, The New York Times report said.
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