Signs of Recovery for US Watch and Jewelry Sales

(IDEX Online) - After eight months of consecutive decline, US watch and jewelry sales came within a whisker of positive growth in October.

Year-on-year change for the month was -0.7 per cent, according to the latest Department of Commerce figures. That's the most encouraging performance since an increase of 2.2 per cent in February. Every other month since October 2022 has seen a contraction in sales.

Consumer demand is now picking up and the economy is stabilizing. The rise in US consumer spending during October was a modest 0.2 per cent, but inflation fell (down from 3.7 per cent to 3.2 per cent in October) and interest rates remained unchanged.

During October the US saw imports of Swiss watches up 5 per cent, after a 6.4 per cent drop the previous month, according to the Federation of the Swiss Watch Industry Exports (FHS).

The Department of Commerce has revised down September figures, based on actual than estimated sales, from -2.0 per cent to -2.7 percent. August has been revised up form -2.3 per cent to -2.1 per cent.

Jewelry sales fell by 0.4 per cent and watch sales fell by 2.2 per cent during October, an average fall of 0.7 per cent.