In December 2023, watch and jewelry sales in the US showed continued signs of recovery as they marked the largest monthly increase since July 2022, according to IDEX Online.
Major brands experienced improved performance in the final quarter of 2023, with Richemont reporting a 12% surge in revenue across its watch and jewelry maisons. LVMH reported a 3% increase in sales. According to the latest available data, Swiss watch exports reached their “highest-ever monthly level” in November.
Having been in a prolonged decline for at least 18 months, with 13 consecutive months of decreased sales, the tide began to turn in November, with a 3.1% rise. This positive trend continued with a 5.6% increase in December, according to the US Department of Commerce.
November’s figures have been marginally revised downward (from +3.2% to +3.1%) based on actual sales rather than estimates. In addition, October’s sales were slightly better than initially reported, with a minimal drop of 0.1% instead of 0.2%.
Read the full article here.
