Events & AwardsJun 09, 2025
And the Winners of the 2025 Couture Design Awards Are … Designers were recognized in 12 categories, from platinum to pearls, before the evening ended with a new, retail-focused award.
MajorsApr 15, 2020
March Retail Sales Plunge, Marking Biggest Decline on Record
With businesses closed and consumers staying at home, U.S. retail sales posted a steep decline last month.
U.S. retail sales were down 8.7 percent in March, according to data from the U.S. Department of Commerce.
New York—The numbers are troubling, but not surprising.
According to data released by the U.S. Department of Commerce Wednesday morning, U.S. retail sales were down nearly 9 percent month-over-month in March as COVID-19 precautions forced businesses to close and kept consumers at home.
It is the biggest decline since the department began keeping track in 1992 and surpassed the 8 percent decline economists had expected.
In a note to clients last week, financial services provider Nomura said sales would likely be weaker toward the end of the month when many states established stay-at-home orders.
“This suggests April’s numbers will likely be even worse,” said Nomura.
Credit Suisse economist James Sweeney echoed that prediction in a note released before the March data, stating that March may be the beginning of a “recessionary decline” in consumption that could get worse in April.
“Overall, we expect consumption to fall by 17.5 percent quarter-over-quarter annualized in Q2, the worst quarter since WWII,” the economist wrote.
In a Credit Suisse podcast last week, Sweeney looked at the converging factors that resulted in a shock to the system for the U.S. economy: a simultaneous drop in supply and demand combined with supply chain disruption.
“If the government orders certain forms of economic activity, whether it’s factories or restaurants, to temporarily shut down because of an attempt to limit contagion from COVID-19, that’s essentially a supply shock.”
“If at the same time, existing businesses and existing households choose not to spend money, not to invest, not to buy big-ticket consumer items, that’s a demand shock.”
The spike in unemployment could depress demand even more, he added.
Another 6.6 million people filed for unemployment benefits in the week ending April 4, according to the U.S. Department of Labor’s report, in addition to the 6.6. million claims filed the previous week.
It was the second-largest number of initial unemployment claims since the department began keeping track in 1967.
Sweeney expects U.S. unemployment claims will drop when the shutdowns are over, but the long-term recovery for the labor market may be slow.
“I think it’s going to come back rapidly, but I don’t think it’s going to get close to the pre-crisis level. It’s going to spend the next 18 months grinding toward the pre-crisis level,” said Sweeney on the podcast.
RELATED CONTENT: 5 Things Retailers Should Know About the Stimulus Bill
The silver lining for retailers may be the one-time checks to individuals as part of the Coronavirus Aid,
Relief, and Economic Security Act, or the CARES Act.
“If we get through this quickly enough and this extra cash that the government has put in private sector hands is still around, which is likely, then maybe you get some stimulus,” said Sweeney.
“If we get through this quickly enough and this extra cash that the government has put in private sector hands is still around, which is likely, then maybe you get some stimulus,” said Sweeney.
More on Majors
The Latest
AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2MThe rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.
Events & AwardsJun 09, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
Events & AwardsJun 09, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
SourcingJun 02, 2025
Gemfields’ June Auction to Include 36-Carat RubyThe large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
