Valentine’s Day Drives ‘Spike’ in Jewelry Sales

Mar 13, 2023
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Source: https://rapaport.com/
Category: Marketing

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.”

References


https://rapaport.com/news/valentines-day-drives-spike-in-jewelry-sales/

Comments


Valentine’s Day Drives ‘Spike’ in Jewelry Sales

Mar 13, 2023
158 views
0 share
Source: https://rapaport.com/
Category: Marketing

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.”

References


https://rapaport.com/news/valentines-day-drives-spike-in-jewelry-sales/

Comments


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