SurveysAug 18, 2021
Jewelry Sales Soared in July, Says MastercardFinancialsAug 24, 2021
July Retail Sales Slump Amid Delta Variant Rise
Despite the monthly dip, the National Retail Federation remains optimistic about the year ahead.
Retail sales in July were down 1.1 percent month-over-month, according to data from the U.S. Department of Commerce, as the Delta variant of the coronavirus troubled consumers.
New York—Retail sales dipped in July as the Delta variant spooked consumers and spending continued to shift toward services.
Overall, U.S. retail sales were down 1.1 percent month-over-month in July to $617.7 billion, according to data from the U.S. Department of Commerce, while year-over-year sales were up nearly 16 percent.
The results fell short of analyst expectations of a monthly decline of 0.3 percent.
Sales in June were up 0.7 percent month-over-month and up 18.7 percent year-over-year, as per the revised figures.
“July retail sales showed slight deceleration in spending, but nothing to derail our outlook for a record year,” said National Retail Federation President and CEO Matthew Shay in a press release about the results.
“Though the Delta variant is presenting health challenges while supply chain disruptions along with unfilled job openings are presenting business challenges, the consumer and broader economy continue to display steady strength aided by advanced tax credit payments and strong gains in the labor market and personal incomes.”
Part of President Joe Biden’s American Rescue Plan, the tax credit meant most families will receive automatic monthly payments of $250-$300 per child. The program began July 15, marking the first of six monthly payments.
Shay said the retail organization remains optimistic and foresees strong growth heading into the fall.
NRF Chief Economist Jack Kleinhenz shared those sentiments, noting that despite the monthly decline, the economy “has rebounded quite well and is more than just on the mend.”
Though there have been recent price increases due to constraints in the supply chain, it hasn’t put a damper on consumer demand, he said.
“If retailers could find more inventory, they could sell it,” said Kleinhenz.
“Going forward, consumers are a bit fearful again as we approach another possible wave of COVID-19 infections, but they’ve learned to live with the virus and shopping continues.”
Related stories will be right here …
Overall, U.S. retail sales were down 1.1 percent month-over-month in July to $617.7 billion, according to data from the U.S. Department of Commerce, while year-over-year sales were up nearly 16 percent.
The results fell short of analyst expectations of a monthly decline of 0.3 percent.
Sales in June were up 0.7 percent month-over-month and up 18.7 percent year-over-year, as per the revised figures.
“July retail sales showed slight deceleration in spending, but nothing to derail our outlook for a record year,” said National Retail Federation President and CEO Matthew Shay in a press release about the results.
“Though the Delta variant is presenting health challenges while supply chain disruptions along with unfilled job openings are presenting business challenges, the consumer and broader economy continue to display steady strength aided by advanced tax credit payments and strong gains in the labor market and personal incomes.”
Part of President Joe Biden’s American Rescue Plan, the tax credit meant most families will receive automatic monthly payments of $250-$300 per child. The program began July 15, marking the first of six monthly payments.
Shay said the retail organization remains optimistic and foresees strong growth heading into the fall.
NRF Chief Economist Jack Kleinhenz shared those sentiments, noting that despite the monthly decline, the economy “has rebounded quite well and is more than just on the mend.”
Though there have been recent price increases due to constraints in the supply chain, it hasn’t put a damper on consumer demand, he said.
“If retailers could find more inventory, they could sell it,” said Kleinhenz.
“Going forward, consumers are a bit fearful again as we approach another possible wave of COVID-19 infections, but they’ve learned to live with the virus and shopping continues.”
Though the variant could impact local markets where vaccination rates are low, Kleinhenz said it is unlikely to show up in the national data.
The shift of spending toward services was expected, said the NRF, noting that because Amazon’s Prime Day happened in June this year rather than its usual July, that may have shifted some spending to the previous month.
Kleinhenz noted “consumer finances are in good shape with a cushion from paying off debt and building up savings.”
Employment and wages have posted back-to-back gains while the child tax credit is also expected to bolster spending.
Back-to-school spending, credited with boosting July’s numbers, is expected to carry over into August as well.
The NRF also calculates retail sales, excluding auto sales, gas stations, and restaurants.
Its calculations also show July retail sales were down 1.1 percent seasonally adjusted from June, but said sales were up 9.5 percent unadjusted year-over-year.
July retail sales were down year-over-year in all categories except electronic and appliances (up 0.3 percent) and health and personal care (up 0.1 percent.)
For the year so far, sales are up 15.5 percent year-over-year, as per the NRF’s calculations.
The results are in line with its revised forecast that 2021 retail sales should grow between 10.5 and 13.5 percent over 2020 to between $4.44 trillion and $4.56 trillion.
More on Financials
The Latest
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
