In February, US watch and jewelry sales went up 5.8% following a lackluster January where sales rose only by 0.6%, IDEX Online reports. Overall, jewelry sales went up by 5.6%, and watch sales saw a 6.5% increase in February, averaging an overall growth of 5.8%.
January’s underperformance has been partially linked to a substantial fall in loose diamond sales, which make up more than a fifth of total jewelry sales. Valentine’s Day jewelry spending was anticipated to reach an all-time high of $6.4 billion by the National Retail Federation (NRF).
That being said, export of Swiss watches saw a 3.8% decline in February, marking the first drop after over two years of consistent growth.
Updated data from the US Department of Commerce shows that December sales surpassed initial estimations, with a 6% increase rather than the previously reported 5.8%.
