According to the latest data from the U.S. Department of Commerce, watch and jewelry sales in August rose by 8.4%, an increase from 5.2% in the previous year’s August figures. This marks the 12th month in a row of sales growth, following nearly a year of consistent declines from September 2022 through September 2023.
The sales recovery in the U.S. is largely driven by major retailers like Amazon, Costco, and Walmart, which collectively make up about two-thirds of the nation’s watch and jewelry sales.
Signet, the world’s largest diamond jewelry retailer, saw a 3.7% drop in same-store sales across North America in the second quarter, a trend that provides insight into specialty jeweler performance now that the Department of Commerce no longer reports specific data for these stores. Signet’s figures are currently used as the industry benchmark.
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