Following months of strong growth, e-commerce sales continued to climb, up 13.2 per cent YoY as winter weather activity in many parts of the country kept consumers inside and ordering from the comfort of home, Mastercard said in a press release.

Apparel and department store sectors experienced modest YoY growth in February at 3.9 per cent and 5.6 per cent, respectively, as consumers put an emphasis on pricing and value. In particular, Valentine’s Day drove a spike in sales across gifting sectors, including apparel and department stores.

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

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

Fibre2Fashion News Desk (NB)