Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
August Retail Sales Rise, Growth Slows
Consumer spending slowed in August after the end of the $600 weekly unemployment subsidy.
New York—Consumer spending in the U.S. slowed in August following the end of unemployment benefits for millions of Americans.
Overall retail sales were up 0.6 percent month-over-month in August to $537.5 billion, according to data from the U.S. Department of Commerce, climbing 2.6 percent year-over-year.
In July, sales were up 0.9 percent month-over-month, as per revised numbers, following an 8.4 percent jump in June.
Core retail sales, which exclude automobiles, gasoline, building materials and food services, fell 0.1 percent, missing expectations of a 0.5 percent rise.
In July, core retail sales were up 0.9 percent.
A $600 weekly unemployment subsidy, part of the coronavirus relief package, expired at the end of July.
There is a $300 weekly subsidy in its place, though it’s not available in all states.
The end of these payments was estimated to reduce household income by $70 billion in August, as per a statement by Gus Faucher, chief economist of PNC Financial Services, in July.
Job growth slowed in August as unemployment benefit applications continued to pile up while manufacturing output also slowed.
Retail sales are continuing to recover nonetheless, stressed the National Retail Federation in a press release following the August results.
“While August retail sales numbers were a bit mixed, we believe the consumer is resilient and is in good shape as we head into the holiday season,” said NRF President and CEO Matthew Shay.
Consumers responded well to the federal relief measures, he said, adding he wasn’t surprised spending would slow as the programs ended and believes additional stimulus measures are needed to bolster economic recovery.
“August was topsy-turvy as COVID-19 brought a lot of shifts and uncertainty regarding back-to-school spending and other issues but consumer spending remains intact even if sales grew less than July,” said NRF Chief Economist Jack Kleinhenz.
He noted that retail spending habits have been “largely consistent and stable” over the past few months as stores began to reopen.
While some consumers will likely reduce spending as the $600 subsidy ends, he said, some have put money aside in savings or have other governmental assistance available.
“At this juncture, it is difficult to sort out how much economic activity is due to government support and how much is evidence of hardcore demand due to recent job gains,” he said.
August retail numbers may have been higher if small businesses were not struggling with the
The NRF also calculates monthly retail sales, narrowing in on core retail and excluding auto sales, gas stations, and restaurants.
Its calculations show August sales were up 0.1 percent seasonally adjusted from July and up 5.6 percent unadjusted year-over-year.
Looking at the commerce department’s data by category, clothing and accessory stores saw the strongest sales gains in August, up 2.9 percent month-over-month, though sales were down 23.5 percent year-over-year.
More than half of retail categories saw month-over-month gains while two-thirds saw year-over-year increases.
The Latest
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the rising prices, consumers continue to seek out the precious metal.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.