US Watch and Jewelry Sales for March: Biggest Growth in Two Years

(IDEX Online) - Watch and jewelry sales in the US enjoyed their biggest monthly increase for over two years in March, with a rise of 6.8 per cent.

It's the fifth consecutive month of growth, according to estimates by the Bureau of Economic Analysis (BEA), a division of the US Department of Commerce, after sales fell every month from February to October last year.

Sales during February were up 5.5 per cent (adjusted down from 5.8 per cent based on actual rather estimated figures). Sales in January were 1.0 per cent (adjusted up from 0.6 per cent).

The BEA figures include both multi-line retailers - such as Amazon, Costco and Walmart - which account for around two thirds of all watch and jewelry sales in the US, and specialty retailers, which represent the remaining third.

Generally speaking, the specialty jewelers are suffering from a shrinking market share and a decline in revenue, while the multi-line retailers are driving an increase in sales. 

Having said that, Pandora reported 9 per cent like-for-like growth in the US during the first quarter of 2024 and organic growth of 16 per cent, fueled by new store openings.

LVMH, parent company of Bulgari, Tiffany & Co, Chaumet, TAG Heuer and Hublot, fared less well, with global watch and jewlery sales slipping by 5 per cent in the same period, but said it had "achieved growth" in the US and Europe markets.

The latest figures for Signet, the US's biggest jewelry retailer by far, showed sales in the three months to February down by just over 6 per cent.

Jewelry sales rose by 6.7 per cent and watch sales were up by 7.3 per cent during March, an average increase of 6.8 per cent.