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US Jewelry and Watch Sales Hit a Record High Last Year
The U.S. Department of Commerce revised its figure for overall jewelry sales in 2016 upward, to $85 billion.
New York--The U.S. Commerce Department’s Bureau of Economic Analysis has released its revised figures for personal consumption expenditures by product type for 2016, an index that includes spending on jewelry and watches.
According to the report, Americans spent $85.4 billion on jewelry and watches last year, a record sales number.
This is an increase from the preliminary 2016 figure the bureau released in February this year, which listed the amount at $80.9 billion.
The revision is typical, as the annually released preliminary figures are typically within $1 billion to $10 billion of the revised figures that come out in late summer.
Jewelry and watch sales for 2016 were up from 6 percent from 2015, when they reached $80.6 billion.
Since 2010, jewelry and watch sales have increased annually, according to the bureau’s figures. In 2008 and 2009, during the time of the recession, sales were down.
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