US watch and jewelry sales surged in March, marking the largest monthly increase in over two years with a rise of 6.8%, IDEX Online reports.
In March, jewelry sales increased by 6.7%, and watch sales surged by 7.3%, resulting in an average increase of 6.8%. February witnessed a 5.5% increase in sales, while January recorded a 1% rise.
This growth has persisted for the fifth consecutive month, as reported by estimates from the Bureau of Economic Analysis (BEA), a division of the US Department of Commerce. This positive trend follows a continuous decline in sales from February to October of the previous year.
The BEA’s data includes both multi-line retailers, such as Amazon, Costco, and Walmart, which command around two-thirds of all watch and jewelry sales in the US, and specialty retailers, which constitute the remaining third. Specialty jewelers are facing challenges with a shrinking market share and revenue decline, whereas multi-line retailers are driving sales growth.
Read the full analysis here.
