According to a recent report from IDEX Online, the United States experienced a notable uptick in watch and jewelry sales during the month of February. Following a sluggish performance in January, where sales saw a modest rise of 0.6%, February witnessed a robust growth of 5.8% across the sector.
The surge in sales was driven by a commendable increase in both jewelry and watch categories. Jewelry sales experienced a commendable uptick of 5.6%, while watch sales saw an even more substantial rise of 6.5% for the same period, resulting in an overall industry growth of 5.8%.
The lackluster performance witnessed in January has been attributed, in part, to a significant downturn in loose diamond sales, which constitute over a fifth of total jewelry sales. Despite expectations of a surge in spending for Valentine’s Day jewelry, projected to reach a record high of $6.4 billion by the National Retail Federation (NRF), the month failed to meet anticipated levels of consumer activity.
However, amidst the domestic growth, there were contrasting figures internationally. The export of Swiss watches experienced a notable decline of 3.8% in February, marking the first contraction after a prolonged period of over two years characterized by consistent growth.
In a related development, updated data from the US Department of Commerce revealed that December sales surpassed initial estimates, reflecting a more robust growth of 6% rather than the previously reported figure of 5.8%.
These latest figures indicate a mixed landscape for the watch and jewelry industry, with domestic markets showing resilience while international counterparts face challenges. Industry analysts continue to monitor these trends closely for insights into the trajectory of the sector in the coming months.