US Watch and Jewelry Sales Dip in June Ahead of Tariffs
August 04, 25
(IDEX Online) - Watch and jewelry sales in the US slipped into negative growth during June - down 1.7 per cent - after 19 months of almost uninterrupted increases.
The decline, after such a prolonged positive period, reflects growing concern over the impact of US reciprocal tariffs which came into force on 1 August, along with broader economic uncertainty in the market and higher gold prices.
Meanwhile the US Department of Commerce has made significant changes to figures published last month. Sales for May have been revised down from +2.8 per cent to +0.7 per cent, based on actual transactions rather than estimates, and April is down from +2.3 per cent to +1.8 per cent.
The original figures indicated that things were better than they actually were, especially after a number of months when monthly sales increases were hovering just above zero. The June dip appears to signal a downturn ahead of the 1 August implementation of tariffs.
Jewelry sales in the US no longer appear to be in overall recovery, as was the case in our graph for May. The revised figures for April and May, together with the June dip, indicate a reversal of fortunes.
Jewelry sales in the US fell by 1.4 per cent in June, compared to a 0.9 per cent increase in May. Watch sales were down 3.0 per cent, compared to slight fall of 0.2 per cent the previous month. The figures for May have been revised down by the Commerce Department.
The overall decrease in sales of watches and jewelry for June was -1.7 per cent, compared to a 0.7 per cent rise in May.
Exports of Swiss watches to the US fell by 17.6 per cent in June, a second month of correction after an unprecedented tariff-related surge in April.
