US Watch and Jewelry Sales Fall Again During June
August 02, 23
(IDEX Online) - US watch and jewelry sales fell back a little during June, down by 3.5 per cent according to the Department of Commerce.
It follows a small sign of improvement the previous month, when, according to revised figures, sales fell by just 2.0 per cent. By comparison, March and April saw sales drop by 8.8 per cent and 6.4 per cent respectively.
Consumers in the US remain hesitant despite slowing inflation. The Federal Reserve didn't increase interest rates during June, but hinted that a couple more hikes this year were pretty much inevitable.
The NRF (National Retail Federation) reported a small increase of 0.4 per cent in overall spending during June compared to May, but noted that consumers were using their cash for household priorities rather than luxury goods.
IDEX Online subscribers please click here to read the full report.