IDEX Online Research: Strong Rise in US Jewelry Sales in November
January 22, 14
(IDEX Online) – Jewelry and watch sales in the U.S. totaled $6.93 billion in November, a 9.3 percent year-over-year increase, based on preliminary US government figures. The latest figures were strongly up on the figures seen for most of this year of around $5.5 billion as retailers saw a rise in sales as the holiday season kicked into gear.
The full analysis of the polished diamond prices is available to IDEX Online Research subscribers and IDEX Online members here.
US jewelry retailers’ sales jumped 11.2 percent on the year-earlier figure to $3.01 billion.
The changes in percentage terms in overall jewelry and watch sales can be seen in this graph.
The rise in December was higher than the average monthly increase in 2013 of 7.4 percent. Following a strong Spring, sales slipped back through the summer months and then put in a spurt during the Christmas sales season
Meanwhile, the November figure showed an 11.2 percent jump on the year-earlier figure to $3.01 billion.
For the first 11 months of 2013, jewelry and watch sales came to $62.7 billion compared with $52.7 billion for the same period of 2012, which shows a significant rise on the year, indicating that jewelry sales during 2013 were on a firm upward trend. With government figures for inflation in jewelry prices showing an average rise for 2013 of just 0.5 percent, stores have been unable to push prices higher and sustain them at higher levels, thus presenting consumers with reasonably stable jewelry prices.
Total Jewelry Sales +7.0%
Jewelry sales alone, excluding watches, totaled $6.09 billion in November, up 7.0 percent year-over-year, based on US Department of Commerce data.
Fine Watch Sales +11.2%
Watch sales in November were strongly higher than the $600+ million monthly average seen throughout most of 2013 at $840 million and the $677 million in October. The $840 million of sales in November also compares favorably with the $755 million in November 2012, a rise of 11.2 percent.
Watch sales account for an estimated 12 percent of overall jewelry and watch sales. This can be seen in the graph below:
Outlook
For most of 2012, there were strong and steady sales of jewelry and watches in the American market, indicating an on-going love affair among American consumers in jewelry. Long-term growth appears to be clear.
Was that due to the falling prices of raw materials that are used in jewelry? With gold falling by around 20 percent over the past year, and silver showing a decline of more than 30 percent, and polished diamonds for the most part standing still, producer price inflation moved sideways in the final months of the year. Meanwhile, jewelry retailers were unable to force price rises on consumers, thus enabling shoppers to enjoy prices that largely stood still.
The full analysis of the polished diamond prices is available to IDEX Online Research subscribers and IDEX Online members here. Click here for more information on how to subscribe or become a member.