US Watch and Jewelry Sales: The Recovery Slows Down
March 05, 24
(IDEX Online) - The growth of watch and jewelry sales in the US slowed in January after a bounce during the last two months of 2023.
The first figures for 2024 from the US Department of Commerce show a year-on-year increase of 0.4 per cent, with jewelry sales up slightly (0.6 per cent) and watches down slightly (0.7 per cent).
It follows overall rises of 3.3 per cent in November and 5.8 per cent in December. Sales had been in long-term decline for at least 18 months, with 13 consecutive months of decreased sales.
US imports of Swiss watches increased by 2.2 per cent in January to just under $370m. Kering, the French luxury group that owns Boucheron and other high jewelry maisons, reported a 4 per cent drop in revenue during 2023. But it said its jewelry businesses enjoyed double-digit growth in the fourth quarter.
Sales figures for last October, November and December have all been revised slightly upwards based on actual through-the-till transactions rather than estimates.
Jewelry sales rose by 0.6 per cent and watch sales fell by 0.7 per cent during January, an average increase of 0.4 per cent.
