Valentine’s Day Drives ‘Spike’ in Jewelry Sales
US jewelry sales were strong in February as consumers secured presents for Valentine’s Day.
The holiday “drove a spike” in revenue for the category, Mastercard SpendingPulse reported last week. The company did not provide specific data for jewelry but said apparel sales rose 3.9% and department stores were up 6%.
The bump marking the second month of strong sales attributed to Valentine’s shopping. In January, early purchasing for the day of love boosted sales of jewelry by 6.5% year on year.
Overall retail spending advanced 7% year on year, while e-commerce gained 13% amid heavy winter weather in many parts of the country. In-store sales increased 5.5%.
“Following a dynamic holiday season, consumer spending returned to a familiar and healthy balance in February,” said Steve Sadove, senior adviser for Mastercard. “Consumers have remained resilient, prioritizing discounts where possible to counteract inflationary pressures.”
Meanwhile, Mastercard noted a shift to consumer spending on experiences. Outlay on restaurants jumped 14% year on year and climbed 16% for airline tickets. Expenditure on lodging surged 43%, reflecting suppressed growth in 2022 as well as demand for travel and experiences ahead of the spring break season, Mastercard explained.
“Retail spending continued to grow at a steady rate compared to 2022,” said Michelle Meyer, North America chief economist for Mastercard Economics Institute. “The consumer remains supported by robust labor-market conditions with some added cushion from savings.”