Jewellery sales in the US got a boost from Valentine’s Day shopping in February, Mastercard SpendingPulse™ revealed in its latest report.

Valentine’s Day “drove a spike in sales” across gifting sectors, including apparel, department stores and jewellery, according to Mastercard SpendingPulse™, which measures in-store and online retail sales across all forms of payment. Overall US retail sales excluding automotive rose 6.9 per cent year on year in February, the report further showed. 

Apparel and Department store sectors experienced modest year-on-year growth of 3.9 per cent and 5.6 per cent respectively in February as consumers put an emphasis on pricing and value. 

“Following a dynamic holiday season, consumer spending returned to a familiar and healthy balance in February,” said Steve Sadove, Mastercard senior advisor and former CEO of Saks, Inc. “Consumers have remained resilient, prioritising discounts where possible to counteract inflationary pressures.” 

Meanwhile, e-commerce sustained growth, with sales rising 13.2 per cent as cold weather in many parts of the country kept consumers inside and shopping online. Experiences also remained a top priority, pushing spending on restaurants, travel and lodging. 

“Retail spending continued to grow at a steady rate compared to 2022,” said Michelle Meyer, North America chief economist, Mastercard Economics Institute. “The consumer remains supported by robust labour market conditions with some added cushion from savings.”