Jewellery sales in the US saw another strong period of growth in February buoyed by Valentine’s Day purchases, widespread vaccinations and easing restrictions, according to Mastercard SpendingPulse.
February 2021 saw jewellery spends rise +5.9% in-store and +63.1% online versus February 2020. This follows the 3.3% jump in retail jewellery sales in January 2021.
Mastercard said the infusion of stimulus payments in early January appeared to boost consumer spending in January and through early February, though the impacts have waned.
Overall US retail sales (excluding automotive and gasoline) increased 4.6% year-over-year, and online sales grew 54.7% in spite of the inclement weather felt across many parts of the country this February, it noted.
“From jewellery to apparel, e-commerce has opened doors for consumers to shop online while warmer days, widespread vaccinations and the loosening of restrictions appear on the horizon,” said Steve Sadove, Mastercard senior advisor and former CEO of Saks Inc. “While in-store sales decelerated slightly compared to last month as a result of winter storms, consumers are continuing to show up online.”
Caption: Van Cleef & Arpels’ boutique on Fifth Avenue, New York (file photo).