(Filed Under Financial and General Interest News). The luxury retail sector is finally on the mend. According to MasterCard Advisors’ SpendingPulse, a macro-economic report tracking national retail and service sales, luxury channel sales grew 22.7 percent compared to March 2009. The report noted, however, that this increase is measured against a month in which the sector saw significant double-digit declines.
Demonstrating this improvement during the month, the nation’s largest luxury chains posted comparable store sales increases in March. Nordstrom, Inc. posted a 16.8 percent increase, Saks, Inc. a 12.7 percent increase, and Neiman Marcus, Inc. a 9.2 percent increase.
The eCommerce channel demonstrated that it continues to grow at a faster rate than brick and mortar stores, posting an 18.4 percent increase and marking its eighth consecutive month of double-digit growth.
Specialty apparel sales increased 5.2 percent, with strength across every sub-sector of this category. SpendingPulse noted that some of this sector’s strength might be because Easter fell earlier this year, pushing pre-Easter purchases into March.
But the benefits of an early Easter for retailers in March could hurt sales this April, according to a April 7, 2010 article in The Associated Press, which also reported that, despite the increases, consumers continued to watch their spending.
MasterCard Advisors, a division MasterCard Worldwide, provides payments consulting, information, analytics and customized services to financial institutions and their merchants worldwide. For further information, call (914) 249-6524, or e-mail AdvisorInfo@MasterCardAdvisors.com.
Disclaimer: The views expressed in comments published on bodymagazine.us are those of the comment writers alone. They do not represent the views or opinions of Bodymagazine or its staff.
NOTE: Your Email will not be displayed.