The U.S. consumer market continues to recover, with e-commerce sales increasing by 13.2% year-on-year in February

It is learned that according to a report released by SpendingPulse, a market intelligence agency under Mastercard, US retailers (excluding car dealers, gas stations and restaurants) grew 6.9% year-on-year in February.

“After a strong holiday season, consumer spending returned to its historically healthy balance in February,” said Steve Sadove, senior advisor at Mastercard and former CEO of Saks, Inc.

Key spending trends in February include:

E-commerce sales are higher. After several months of strong growth, e-commerce sales continued to climb, up 13.2% year-on-year in February. The severe weather caused by the winter storm kept consumers at home and made more frequent online purchases. As the retail market rebounded, in-store sales also increased in February, up 5.5% from the same period last year.

Spending on experiences continued to grow. In February, consumers' spending on restaurants (+14.2%), airlines (+15.6%), and accommodation (+42.7%) all increased compared with the same period last year. As epidemic prevention measures were lifted, people's suppressed demand for travel and going out was released.

Apparel and department stores showed modest growth. The apparel (+3.9%) and department store (+5.6%) industries experienced modest year-over-year growth in February as consumers focused more on lower-priced items. Notably, Valentine's Day drove a sales surge in the gift industry, including apparel, department stores, and jewelry, in February.

"Retail spending continued to grow at a solid pace in February 2023 compared to the same period last year," said Michelle Meyer, chief economist for North America at Mastercard Economics. "Labor market growth remains a key support for consumer purchasing power. In addition, personal savings are also boosting their spending power."

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