Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
Surveys
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Retail sales also were up about 4 percent for the full year.
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The Conference Board’s revised January reading suggests consumers did not start off 2024 as confidently as previously thought.
The Conference Board attributed the upbeat results to slowing inflation and the anticipation of lower interest rates.
The organization shared its predictions on how much consumers will be spending and on whom.
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More optimistic views on the labor market as well as current and future business conditions gave the index a boost.
From Thanksgiving through Cyber Monday, 200.4 million consumers shopped online and in stores.
Though consumers have started holiday shopping earlier, the organization still predicts a busy Thanksgiving weekend for retailers.
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Sales will increase compared with last year, though the rate of growth is expected to slow.
The Conference Board’s monthly index that measures how consumers are feeling declined for the third straight month in October.
Discounts and promotions could persuade consumers to shop earlier this year, the survey found.
The seasonal survey asked consumers how, when, and where they’ll shop for holiday gifts.
Shoppers also expressed concern about rising prices, higher interest rates, and political uncertainty.
According to SpendingPulse, retail sales will increase in November and December but not necessarily for jewelers.
From holiday spending to inflation’s impact, here’s what analysts are forecasting for the season.
A cooling labor market and high interest rates are taking a toll on consumer confidence in the U.S.
This is in spite of rising consumer confidence in July.
Consumer spending may shift to services as “revenge spending” on post-pandemic travel slows, said the Conference Board.
Consumers over the age of 55 were particularly pessimistic about the economic outlook.
Shoppers are expected to spend a record high of $35.7 billion on Mother’s Day gifts this year, according to the National Retail Federation.
Jewelers of America wants to know for its new study, which will be used to update its “Guide to Careers in the Jewelry Industry.”
The statement came as the National Retail Federation released its retail sales forecast for 2023.
From dwindling savings to the growing resale market, here’s what National Retail Federation experts want retailers to know about shoppers.
Wariness about the year ahead offset a more positive view of the current economic situation.
The NRF’s annual survey shows that consumer attitudes about how, or even whether, to celebrate Feb. 14 continue to evolve.
Holiday sales fell short of the National Retail Federation’s expectations, rising only 5 percent year-over-year.
Shoppers’ interest may shift to services over big-ticket items in 2023, said economist Lynn Franco.
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