NJN: Online Jewelry Sales Rise 7% in February

Across all sales platforms, SpendingPulse, a macroeconomic report tracking national retail sales, showed continuing year-over-year sales growth across most product categories in February, though the increase was slightly smaller than that which was recorded in November, December and January.

As in months past, the strongest growth by platform was posted by e-commerce, where sales rose 13.2 percent. In product categories, furniture sales increased 4 percent, while the SpendingPulse Luxury Index, which measures sales at high-end restaurants, food stores, department stores and in general apparel, posted growth of only 1.7 percent.

Department stores and electronics and appliances were the challenged retail channels for the month, with sales declining in both.

SpendingPulse did not provide a number for brick-and-mortar jewelry sales this month.

Michael McNamara, vice president of research and analysis for MasterCard Advisors SpendingPulse, said continued strength in the financial markets and growing consumer confidence are contributing to the ongoing retail growth, especially at the upper tier of the market.

He said the possible ill effects of rising gasoline prices haven’t yet been felt in the market, though he notes that February is traditionally the low point of the year for consumer gasoline use. “We will be watching gasoline demand closely over the next several months to see what, if any effect, the increased costs have on consumer behavior,” McNamara said. “If gasoline prices continue to rise this would mean less disposable income for other retail sectors.”

SpendingPulse reports on national retail sales of goods and services and is based on aggregate sales activity in the MasterCard payments network as well as survey-based estimates for other forms of payment, such as cash and check.