According to data released by the US Department of Commerce and analyzed by IDEX Online, sales of watches and jewelry in the US saw “fell back a little” in June, with a 3.5% decrease year-on-year.
Jewelry sales fell 3.8% and watch sales fell 2.2% during June, an average fall of 3.5%. In addition, the Department of Commerce revised May’s sales from a fall of 4.8% to merely 2.2%. According to IDEX’s assessment, “we had a year of post-Covid bounce back and now we’re a year and half into post-Ukraine invasion decline, and nine months into almost-interrupted negative growth.”
Recently, figures released by the Federation of the Swiss Watch Industry regarding the first half of 2023 showed a “particularly steady” growth in watch exports with most markets seeing an increase. Swiss watch exports totaled 13.3 billion francs (approximately $15.2 billion) – up 11.8% year-on-year. According to the Federation, “the appeal of Swiss watches was not affected by the challenging context in economic or geopolitical terms […].”
Read the full analysis here.
