New York: Total sales of fine jewelry and fine watches in the U.S. market rose by an estimated 7.5 percent to $5.8 billion in October 2016, according to preliminary data from the U.S. Commerce Department.
September’s total jewelry industry sales rose by a revised 7.0 percent, above preliminary figures which showed a 6.7 percent gain.
Total retail sales of all goods, except autos, posted a weak 1.8 percent sales gain in October. This means consumer demand appears to have weakened from prior months. Jewelry took significant share of wallet from other consumer goods in October.
All of these trends bode well for the all-important holiday selling season of November and December. The outlook calls for moderate sales increases – perhaps in the three-four percent range – over the next few months, primarily because the U.S. economy continues to show only modest overall growth.
