Figures released by the US Department of Commerce and quoted by IDEX Online, watch and jewelry sales in the US were down for the fifth consecutive month – down 3% in February “amid ongoing fears of a recession and financial crisis.”
Jewelry sales fell 3.4% and watch sales fell% 1.4 during February, an average fall of 3%. In January, sales dropped by 0.3% (revised from an estimated drop of 2.1%)
According to the analysis, “overall retail sales in the US are expected to remain sluggish throughout 2023.” KPMG has estimated that the US economy is likely to grow by just 0.9% this year, less than half that of 2022, while consumer spending is predicted to “stall, but not collapse”.
