Surveys

Here’s the Latest Government Data on Jewelry Sales

SurveysAug 29, 2022

Here’s the Latest Government Data on Jewelry Sales

Plus, National Retail Federation Chief Economist Jack Kleinhenz shares his thoughts on inflation and a possible recession.

20220829_Gismondi ring.jpg
A gold and diamond ring from Gismondi 1754’s “Clip Sintesi’ collection ($3,945). U.S. watch and jewelry sales slowed in June and July, according to preliminary data from the U.S. Bureau of Economic Analysis.
New York—U.S. watch and jewelry sales picked up in July following a relatively quiet June, government data shows, but the numbers still pale in comparison to last year.

Sales in the category in July were up 10 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).

Jewelry sales alone increased 10 percent year-over-year while watch sales were also up 10 percent.

In June, sales in the watch and jewelry category rose only 0.8 percent year-over-year, with jewelry sales increasing 0.9 percent and watch sales essentially flat.

Watch and jewelry sales were up 5 percent year-over-year in May and up 14 percent year-over-year in April, as per revised data.

Watch and jewelry sales for the full year are expected to continue to grow but won’t reach the highs of last year.

In 2021, dubbed by industry analyst Edahn Golan as “the year of jewelry,” 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 July, full-year watch and jewelry sales are expected to reach an estimated $126.66 billion, a 10 percent year-over-year increase.

The overall economy is expected to be on a similar trajectory of slowing growth amid rising inflation and geopolitical unrest.

In the National Retail Federation’s August review, Chief Economist Jack Kleinhenz gave an overview of the current economic situation.

“Today, inflation is both sky-high and on everyone’s mind,” he said.

The Consumer Price Index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose about 9 percent year-over-year in both June and July.

“Many of the forces contributing to inflation will not be unwound soon but we are seeing some potential relief as commodity and oil prices decline,” he said.

As gas prices fell, CPI was flat month-over-month in July compared with a 1 percent increase in June.

 Related stories will be right here … 

Looking at the overall economy, Kleinhenz noted that key economic indicators, including employment, retail sales, income and industrial production have slowed, but have not yet reached contraction territory.

“Clearly, demand has slowed, but the slowdown is entirely a result of towering inflation,” he said.

The Federal Reserve has hiked interest rates an unprecedented amount recently in an effort to combat inflation, but the problem is complex.

“The Fed is caught between an economic rock and a monetary policy hard place,” he said.

If the Fed doesn’t do enough, inflation rates will continue to rise, but if it goes too far in adjusting monetary policy, there could be a recession.

“Consumer reaction to interest rate hikes is hardly immediate or predictable, making it impossible to judge the effect of the Fed’s actions in real time and quickly correct any oversteering,” said Kleinhenz.

As for the remainder of 2022, he predicted inflation forecasts will continue to be “highly uncertain” and that supply constraints will factor into the second half of the year.

The NRF has not changed its full-year outlook, and still expects 2022 retail sales will grow by a range of 6-8 percent year-over-year.

“The driver of the U.S. economy is the consumer and spending has been fueled by the stronger-than-ever labor market,” he added.

For now, Kleinhenz reiterated his prediction that the U.S. should be able to avoid a recession this year.

“Despite ongoing uncertainties, we believe the underlying strength of the economy is strong enough to deal with inflation and keep a recession at bay – or short-lived even if we are wrong.”

The Latest

Bergman Jewelers family
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 Years

The independent jeweler first opened its doors in 1888.

QVC Group Inc. logo
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

Coconut Grove Jewelry & Watch Show
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in Florida

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The Jewelry Symposium (TJS)
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor Shortage

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

Weekly QuizMar 27, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Peanuts x Monica Rich Kosann Collection Bracelets
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry Collection

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Graphic for What Do We Mean When We Say “Recycled” Gold webinar
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Mindi Mond Clarity Earrings
TrendsMar 31, 2025
Amanda’s Style File: Dripping in Diamonds

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

Lashbrook ring
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With Acquisition

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

Bulgari and LVMH Watches CEO Jean-Christophe Babin
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH Watches

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

Richard Rainsford memorial ring
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

ICA Congress Brazil 2025
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Bulova 150 Art Deco Miss America Watch, 150 Art Deco Pocket Watch
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco Watches

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen
MajorsMar 26, 2025
QVC Group Appoints New President

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

Jewelers of America’s new logo
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

Christies regent kashmir sapphire and regal Burmese ruby
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat Ruby

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

Diamond earrings held in gloved hand
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft Recovered

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

Emmanuel Raheb CEO of Smart Age Solutions
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More Jewelry

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

Pomellato Nudo High Jewelry Campaign
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic Design

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

Jamie Singleton, Bill Brace, Rebecca Wooters, Bill Luth
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid Turnaround

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

Sothebys Watchcheck
WatchesMar 24, 2025
Sotheby's Now Offers Watch Repair Services

The auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.

×

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