Another Increase for US Watch and Jewelry Sales
December 03, 24
(IDEX Online) - Watch and jewelry sales increased again during October as consumers embraced holiday season with a new enthusiasm.
Sales were up 8.8 per cent on the same month in 2023, one of the biggest increases in over two years.
The US Department of Commerce, which released the figures, revised September sales up from 8.4 per cent, as reported last month, to 10.3 per cent, the biggest rise since April 2022.
Retail sales in the US are forecast to increase by 3.2 per cent in the 1 November to 24 December 24 shopping period, according to Mastercard SpendingPulse.
Interest rates are declining, inflation is slowing, layoff rates are very low and nominal wage growth remains above the pre-pandemic average.
November was the 13th consecutive month of growth, after a year or so of almost uninterrupted decline, from September 2022 to September 2023.
The Department of Commerce no longer provides a breakdown for specialty jewelers - so we now use Signet as our benchmark. As reported previously, its North America same-store sales fell by 3.7 per cent in Q2, the latest available figure.
The Department of Commerce's Bureau of Economic Analysis (BEA) has revised up sales marginally for August and (to a greater extent) September, based on actual transactions rather than estimates.
Exports of Swiss watches to the US rose by 11.3 per cent during October, despite a global dip, driven by a slump in China and Hong Kong.
The overall demand for jewelry and watches in the US remains upwards, even if revisions put September sales above those of October. Demand remains well below its post-pandemic peak, but is recovering steadily.
Jewelry sales in the US rose by 8.5 per cent during October (compared to 9.9 per cent in September), according to Department of Commerce figures.
Watch sales were up by 9.9 per cent, compared to 12.1 per cent in September. The overall increase for watches and jewelry for October was 8.8 per cent, up from 10.3 per cent in September.
