US online and luxury spending jumps in February

(AFP PHOTO/DON EMMERT)

Luxury consumption and e-commerce both jumped in February, according to data released March 3 by MasterCard.

After a largely positive January, MasterCard Advisors' SpendingPulse reported that the rise in US online spending continued in February, up 16.7 percent year-on-year.

Although the severe weather may have contributed to this rise, the firm added that February's excellent results capped seven straight months of double-digit online spending growth. In a sign that online purchasing is becoming ever-more common, the average transaction size fell, suggesting that people are willing to make smaller purchases over the internet.

Luxury sales (excluding jewelry) also showed a large rise of 15.2 percent between February 2009 and 2010, following a gain in December of 5.5 percent and again in January of 8.1 percent.

Website: http://www.mastercardadvisors.com/