Valentine's Day boosts jewelry sales! US retail sales in January grew more than expected!

It is learned that according to foreign media reports, despite facing inflation and an uncertain economic environment, US consumption momentum remains high.

According to Mastercard SpendingPulse data, in January, U.S. retail sales (excluding auto dealers, gas stations and restaurants) increased by 8.8% year-on-year, higher than expected. Among them, in-store sales increased by 8.9% year-on-year, and e-commerce sales increased by 8.4% year-on-year.

"Consumer spending remains resilient in the first few weeks of 2023," said Steve Sadove, senior advisor at Mastercard. "The U.S. retail market is showing positive signs, with solid growth in consumption levels across all regions."

Key trends for January:

Strong performance from the restaurant industry: After strong growth during the holidays and in 2022, the restaurant industry continued to see strong growth, with retail sales increasing 24.2% year-over-year in January.

Jewelry industry achieved growth: After nine months of stagnation, jewelry sales increased by 6.5% year-on-year. The reason for the increase was that with Valentine's Day approaching, consumers were shopping early.

Weakness in Housing-Related Industries: Furniture and furnishings sales growth continued to slow due to the decline in home sales in 2022. Sales for the entire industry fell 1.2% year-over-year.

“The primary factor driving purchasing decisions is income — not just this year’s income, but expectations of tomorrow’s income,” said Michelle Meyer, chief economist for North America at Mastercard Economics. “Labor market strength remains a key support for consumer purchasing power.”

Editor ✎ Nicole/

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