Surveys

US Jewelry, Watch Sales Taper Off in May

SurveysJul 07, 2022

US Jewelry, Watch Sales Taper Off in May

The jewelry and watch market is expected to see more moderate growth this year compared with 2021.

20220707_Omi necklace.jpg
A moonstone, Paraiba tourmaline, and diamond pendant from Omi Privé ($9,000). U.S. watch and jewelry sales slowed in May, according to preliminary data from the U.S. Bureau of Economic Analysis.
New York—U.S. watch and jewelry sales tapered off in May, government data shows.

Sales in the category were up nearly 11 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).

Sales were up 16 percent year-over-year in April and up 10 percent in March.

Though still on the rise, the double-digit growth in May 2022 pales in comparison with the triple-digit growth in May 2021.

Watch and jewelry sales for the full year are expected to rise but not nearly as high as last year.

In 2021, dubbed by industry analyst Edahn Golan as “the year of jewelry,” full-year sales in the category reached an estimated $115.29 billion, a 51 percent increase year-over-year, according to BEA data.

This year, as of May, full-year watch and jewelry sales are expected to reach an estimated $126.13 billion, a 9 percent year-over-year increase.

 Related stories will be right here … 

The overall economy is expected to take a similar path of slowed growth.

“The economy is moving away from extremely strong growth toward moderate growth,” said National Retail Federation Chief Economist Jack Kleinhenz in the organization’s Monthly Economic Review.

In the July review, Kleinhenz gave an overview of the current economic situation.

Consumers are battling rising prices as the inflation rate hits a 40-year high.

Overall U.S. retail sales in May slumped, down 0.3 percent month-over-month, though up 8 percent year-over-year.

The consumer price index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 1 percent month-over-month in May.

It was up nearly 9 percent year-over-year, the largest 12-month increase since December 1981.

The Federal Reserve recently raised the interest rate to combat inflation, which weighs down stock and bond returns and impacts consumer confidence.

Consumers are also feeling the effects of the war in Ukraine, which has led to geopolitical instability and has driven up energy prices and exacerbated supply chain issues.

Kleinhenz also shared his predictions for the next few years ahead, noting that while he doesn’t necessarily see a recession in the U.S.’s future, a “contracting economy” just short of recession levels is possible.

The Latest

Accredited Gemologists Association logo
SourcingMar 29, 2024
AGA Brings Back Scholarship, Research Grant

Scholarship applications are being accepted now, and the window for the grant will open in May.

Angelina Conti of Conti Jewelers
IndependentsMar 29, 2024
Angelina Conti of Conti Jewelers Dies at 98

She is remembered by loved ones as a “guiding force” behind the store and an active presence in her community.

Emerald Slinkee Drops earrings
EditorsMar 29, 2024
Piece of the Week: Boochier’s ‘Slinkee Drops’ Earrings

The emerald earrings reference objects from designer Melinda Zeman’s childhood.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Future Fortune sapphire ring
TechnologyMar 28, 2024
Pinterest’s 2024 Wedding Report Is Out

The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.

Weekly QuizMar 28, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
David Ettinger
IndependentsMar 28, 2024
David Ettinger of Bechdel Jewelers Dies at 69

He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.

Jewelers of America logo
IndependentsMar 28, 2024
JA to Host Series of Learning Workshops

The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

Jaeger-LeCoultre Madison Avenue NYC store
WatchesMar 28, 2024
Peek Inside Jaeger-LeCoultre’s Revamped NYC Flagship

The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.

Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Georgia May Jagger Tommy Hilfiger ad campaign
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%

The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

Tiffany & Co. With Love, Since 1837
MajorsMar 26, 2024
Tiffany & Co. Debuts ‘With Love, Since 1837’ Campaign

Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Nordstrom Men’s Store New York City
MajorsMar 26, 2024
Nordstrom May Go Private, Says Report

The retailer previously turned down an $8.4 billion offer in 2018.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy