AuctionsApr 29, 2025
‘Golconda Blue’ Diamond Pulled From AuctionThe 23-carat fancy vivid blue diamond, set to headline Christie’s May jewelry auction, was expected to sell for as much as $50 million.
FinancialsMar 18, 2021
Harsh Weather Weakens February Retail Sales
Between snowstorms in the Northeast and ice storms in the South, consumer spending took a hit last month.
Winter weather greatly impacted retail sales in February, but stimulus payments are expected to bolster consumer spending in the weeks ahead.
New York—Consumer spending in the United States faltered in February, impacted by rough winter weather across the country.
Overall retail sales were down 3 percent month-over-month in February to $561.7 billion, according to data from the U.S. Department of Commerce, though sales were up 6 percent year-over-year.
The results fell short of analyst expectations of a monthly drop of 0.5 percent.
In January, sales were up 7.6 percent month-over-month and 9.5 percent year-over-year as per the revised figures.
“February’s retail sales numbers are a minor speed bump on the road to post-pandemic recovery and are not a reflection of consumers’ willingness and ability to spend and drive the economy,” National Retail Federation CEO Matthew Shay said.
Shay noted major snowstorms in the Northeast and ice storms in the South greatly impacted the results but said the incoming stimulus payments will bolster consumer spending in the weeks ahead.
“Looking forward to the spring, and with consumer confidence at its highest level since last March, we remain optimistic that retail will help facilitate a surge in spending, job growth and capital investment in the second half of the year as more Americans are vaccinated and local economies reopen nationwide.”
NRF Chief Economist Jack Kleinhenz said the decline didn’t take him by surprise after January’s strong numbers in comparison.
“Despite that, it’s hard to see this as a setback when you consider how large the year-over-year gains are and that sales are well above pre-pandemic levels.”
Though there have been month-over-month declines, sales have grown year-over-year every month since June, according to Census data.
On top of the winter storms, the Internal Revenue Service’s delay in accepting tax returns pushed back the receipt of funds, he noted.
Overall retail sales were down 3 percent month-over-month in February to $561.7 billion, according to data from the U.S. Department of Commerce, though sales were up 6 percent year-over-year.
The results fell short of analyst expectations of a monthly drop of 0.5 percent.
In January, sales were up 7.6 percent month-over-month and 9.5 percent year-over-year as per the revised figures.
“February’s retail sales numbers are a minor speed bump on the road to post-pandemic recovery and are not a reflection of consumers’ willingness and ability to spend and drive the economy,” National Retail Federation CEO Matthew Shay said.
Shay noted major snowstorms in the Northeast and ice storms in the South greatly impacted the results but said the incoming stimulus payments will bolster consumer spending in the weeks ahead.
“Looking forward to the spring, and with consumer confidence at its highest level since last March, we remain optimistic that retail will help facilitate a surge in spending, job growth and capital investment in the second half of the year as more Americans are vaccinated and local economies reopen nationwide.”
NRF Chief Economist Jack Kleinhenz said the decline didn’t take him by surprise after January’s strong numbers in comparison.
“Despite that, it’s hard to see this as a setback when you consider how large the year-over-year gains are and that sales are well above pre-pandemic levels.”
Though there have been month-over-month declines, sales have grown year-over-year every month since June, according to Census data.
On top of the winter storms, the Internal Revenue Service’s delay in accepting tax returns pushed back the receipt of funds, he noted.
As the vaccine rollout continues and government stimulus money is allocated, he expects to see more shoppers hitting stores.
“With another round of stimulus checks being mailed right now, we expect another large boost in consumer spending over the next few months.”
The retail organization also calculates monthly retail sales, narrowing in on core retail and excluding auto sales, gas stations, and restaurants.
Its calculations show February sales were down 3.4 percent seasonally adjusted from January and up 7.1 percent unadjusted year-over-year.
February retail sales were down in every category except groceries, which were unchanged, on a month-over-month basis.
The NRF noted sales were up year-over-year in two-thirds of categories, which it said gives better insight into long-term trends and the state of the economy.
The Latest
IndependentsApr 29, 2025
Maryland Jeweler to Close After 36 YearsG.B. Heron Jewelers in Salisbury, Maryland, is set to close as its owner, Jeff Cassels, retires.
ColumnistsApr 29, 2025
Google Ads vs. Social Media Ads: Which Are More Effective?Emmanuel Raheb outlines the differences between the two platforms and posits that the most successful jewelers use both.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2025
Gemfields Mini Ruby Auction Achieves $7MThe miner said its April sale featured a mix of commercial-quality primary rubies and secondary rubies of varying quality.
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeApr 28, 2025
Customs Seizes Nearly 2,000 Pieces of Counterfeit Van Cleef & Arpels JewelryU.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.
TrendsApr 28, 2025
Suzanne Kalan Launches Tech Ring Jacket CollectionHealth monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
Events & AwardsApr 28, 2025
JCK Industry Fund Announces 2025 Grant RecipientsTen organizations were selected this year.
IndependentsApr 28, 2025
John Atencio Appoints 2 to Wholesale TeamKim Carpenter and Sam Gevisenheit have joined the brand.
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid UncertaintyThe company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
SourcingApr 24, 2025
Young Diamantaires Transition to NonprofitThe organization also announced its board of directors.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
