FinancialsJan 28, 2022
LVMH’s 2021 Jewelry, Watch Sales DoubleSurveysFeb 17, 2022
January Retail Sales Rise Despite Inflation Woes
Following a December slip, monthly retail sales exceeded expectations in the face of inflation, the Omicron variant, and other challenges.
U.S. monthly retail sales in January were up 3.8 percent month-over-month, surpassing analyst expectations of a 2.1 percent increase.
New York—U.S. monthly retail sales in January surpassed analyst expectations, holding strong in the face of rising inflation, bad weather, the Omicron variant, and international tensions.
Sales were up 3.8 percent month-over-month in January to $649.8 billion, according to data from the U.S. Department of Commerce released Wednesday, while year-over-year sales were up 13 percent.
The results exceeded analyst expectations of a month-over-month increase of 2.1 percent.
December sales were weaker than previously thought, down 2.5 percent month-over-month rather than the previously reported 1.9 percent, as per the revised figures.
The numbers provided are not adjusted for inflation, but consumers have been battling rising prices.
The consumer price index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 0.6 percent month-over-month in January and 7.5 percent year-over-year, the largest 12-month increase since February 1982.
“Consumers say they are worried about inflation, but they continue to spend,” wrote PNC Chief Economist Gus Faucher in an analyst note quoted by CNBC.
“Even taking into account the December decline, retail sales in recent months have been increasing much faster than prices, so households are purchasing larger volumes of goods and services, not just paying higher prices.”
The National Retail Federations calculation of retail sales—which excludes automobile dealers, gasoline stations and restaurants to focus on core retail—showed January was up 4.7 percent seasonally adjusted from December and up 8.5 percent unadjusted year-over-year.
“January’s numbers show that 2022 is starting very strong for consumers and retailers, especially on the heels of a record holiday season and record sales in 2021,” said NRF President and CEO Matthew Shay in a press release about the results.
The NRF’s holiday season runs from Nov.1 to Dec. 31, and sales for that period reached a record high. However, month-over-month sales in December were down, due in part to an early start to holiday shopping.
For the month of January, Shay noted retailers currently face many challenges including inflation, labor shortages, COVID-19, and uncertainty related to international tensions in Russia and China.
Related stories will be right here …
Sales were up 3.8 percent month-over-month in January to $649.8 billion, according to data from the U.S. Department of Commerce released Wednesday, while year-over-year sales were up 13 percent.
The results exceeded analyst expectations of a month-over-month increase of 2.1 percent.
December sales were weaker than previously thought, down 2.5 percent month-over-month rather than the previously reported 1.9 percent, as per the revised figures.
The numbers provided are not adjusted for inflation, but consumers have been battling rising prices.
The consumer price index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 0.6 percent month-over-month in January and 7.5 percent year-over-year, the largest 12-month increase since February 1982.
“Consumers say they are worried about inflation, but they continue to spend,” wrote PNC Chief Economist Gus Faucher in an analyst note quoted by CNBC.
“Even taking into account the December decline, retail sales in recent months have been increasing much faster than prices, so households are purchasing larger volumes of goods and services, not just paying higher prices.”
The National Retail Federations calculation of retail sales—which excludes automobile dealers, gasoline stations and restaurants to focus on core retail—showed January was up 4.7 percent seasonally adjusted from December and up 8.5 percent unadjusted year-over-year.
“January’s numbers show that 2022 is starting very strong for consumers and retailers, especially on the heels of a record holiday season and record sales in 2021,” said NRF President and CEO Matthew Shay in a press release about the results.
The NRF’s holiday season runs from Nov.1 to Dec. 31, and sales for that period reached a record high. However, month-over-month sales in December were down, due in part to an early start to holiday shopping.
For the month of January, Shay noted retailers currently face many challenges including inflation, labor shortages, COVID-19, and uncertainty related to international tensions in Russia and China.
NRF Chief Economist Jack Kleinhenz also highlighted the myriad issues faced by retailers, making January’s sales “all the more impressive.”
“A triad of forces weighed on consumer behavior and spending as weather slammed a large portion of the United States, the omicron variant was relentless, and inflation was escalating. On top of that, the enhanced child care tax credit ceased at the end of 2021, impacting millions of families. Despite all that, consumers ramped up spending even after a record-breaking holiday season.”
The strong numbers in the face of these issues show that consumers are spending, said Shay, and that the economy is in “good shape,” making Shay hopeful yet cautious for the year ahead.
“We are confident that retail sales growth and overall consumer financial health can continue, and current pressures in the economy should be moderated if election-year political pressures don’t result in policy decisions that compound the challenges our economy is already facing.”
Breaking it down by category, January sales were up on a monthly and yearly basis in all but two sectors. Sporting goods stores and electronic and appliance stores both saw slight year-over-year declines.
Year-over-year gains were led by clothing stores, building materials stores and online sales.
More on Surveys
The Latest
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
Weekly QuizJul 10, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
IndependentsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
SourcingJul 14, 2025
Ethical Gem Fair Heads to SeattleThe trade-only event will host its debut fair in the Emerald City later this month.
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry DesignThe brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb JewelerGoldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the AmericasLongtime LVMH executive Michael Burke has stepped into the role.
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales DirectorVickie Rokkos has joined the jewelry company as its new national sales director of North America.
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show TipsSponsored by Rio Grande Jewelry Supply
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s SweetnessThe “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.
EditorsJul 09, 2025
The Most-Read Stories of 2025, So FarDiamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.
SourcingJul 09, 2025
Florida Couple Finds 3-Carat Diamond in ArkansasThey discovered “The Dash Diamond,” named for their dog, at the Crater of Diamonds State Park earlier this month.
