After eight consecutive months of decline, US watch and jewelry sales showed promising signs of recovery in October with a year-on-year change of -0.7%. According to IDEX Online’s analysis, this marks the most encouraging performance since February’s 2.2% increase. This positive shift comes after months of contraction in sales since October 2022.
The uptick in consumer demand and the stabilization of the economy are contributing factors to this improvement. While October’s rise in US consumer spending was modest at 0.2%, the decline in inflation (from 3.7% to 3.2% in October) and unchanged interest rates are positive indicators.
In October, the US witnessed a notable 5% increase in Swiss watch imports, rebounding from a 6.4% drop the previous month, as reported by the Federation of the Swiss Watch Industry Exports (FHS).
Jewelry sales experienced a 0.4% decline, while watch sales fell by 2.2% in October, resulting in an average decline of 0.7%.
Positive trends have also extended to Asia, as sales of watches, jewelry, clocks, and other luxury items experienced a significant upswing in Hong Kong in October, primarily attributed to a substantial post-Covid influx of tourists.
The total expenditure for this category during the month reached $652 million (HK$5.1 billion), marking an increase of over 27% compared to September, which itself had witnessed a surge of over 27% from August. Cumulative figures since January demonstrate a remarkable 55% year-on-year increase, totaling US$6.4 billion (HK$50 billion).
