US Watch and Jewelry Sales Remain Slow During July
September 11, 23
(IDEX Online) - US watch and jewelry sales remained in negative growth for a sixth consecutive month during July, according to the latest Department of Commerce figures.
But the year-on-year drop for the month - 2.4 per cent - was half the figure for June, which has been revised down to 4.8 per cent, based on actual rather than estimated transactions.
March and April saw sales drop by 8.8 per cent and 6.4 per cent respectively. May was 2.0 per cent.
Inflation and rising interest rates are keeping a tight lid on consumer spending, especially on luxury goods. Inflation rose slightly during July to 3.2 per cent, after many months of decrease. And interest rates reached a 22-year high as the Federal Reserve announced its 11th increase since March 2022, to 5.5 per cent.
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