US Watch and Jewelry Sales: Slower Growth in November
January 06, 25
(IDEX Online) - Sales of watches and jewelry in the US grew again in November, but at a slower rate than in the previous couple of months. The year-on-year increase was 5.8 per cent, down from 9.7 per cent in October and 10.1 per cent in September, according to the latest figures from the US Department of Commerce. It's the 14th consecutive month of growth after a long period (end of 2022 and much of 2023) of falling sales.
The figures are subject to revisions and it's worth noting that sales in October were revised up from 8.8 per cent growth to 9.7 per cent, based on actual through-the-till transactions, rather than estimates. Growth for September, originally reported as 10.3 per cent, has been lowered slightly to 10.1 per cent. Nonetheless, the overall trend remains upwards, with year-on-year growth so far of at least 2.6 per cent for every month of 2024.
Much of the recovery is being driven by Amazon, Costco, Walmart and other multi-line retailers, which jointly account for around two thirds of all watch and jewelry sales. The US bucked a global trend and saw imports of Swiss watches increase during November, up 4.7 per cent year-on-year, according to the Federation of the Swiss Watch Industry. In October the increase was 11.3 per cent.
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