(IDEX Online) - Total sales of fine jewelry and fine watches in the U.S. market rose by an estimated 7.5 percent to $5.8 billion in October 2016, according to preliminary data from the U.S. Commerce Department, as the graph below illustrates.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This gain was above the forecast by IDEX Online Research; we have been predicting that jewelry sales would be up by three percent or so in the final half of the year. Further, September’s total jewelry industry sales rose by a revised 7.0 percent, above preliminary figures which showed a 6.7 percent gain.

 

Consumer Demand Weaker

Total retail sales of all goods, except autos, posted a weak 1.8 percent sales gain in October. This means consumer demand appears to have weakened from prior months. The good news: jewelry took significant share of wallet from other consumer goods in October.

 

Outlook Optimistic for Holiday Season Jewelry Sales

All of these trends bode well for the all-important holiday selling season of November and December. Our outlook calls for moderate sales increases – perhaps in the three-four percent range – over the next few months, primarily because the U.S. economy continues to show only modest overall growth.

 

For the full report in IDEX Online Research, click here