Economic Indicators- Jewelry Sales Hit $70B Record
I take this as more evidence the economy is still growing. Think of this as an indicator of consumer confidence from the middle class up. Where I work we see indications of a continuing trend of more manufacturing here. Less offshore.
By Ken Gassman
Feb 4, 2013
New York—Fine jewelry and watch sales were an estimated $71.3 billion in 2012, a record level for the U.S. market, based on preliminary data from the U.S. Department of Commerce. Jewelry and watch sales in 2012 were 5.9 percent higher than the prior record year of 2011, when the industry posted revenues of $67.3 billion.
This is the first time in history that the American jewelry industry generated sales greater than $70 billion. Jewelers indicated that, while the average ticket was flattish, they sold more units and their customer base expanded.
While the sales gain was much smaller than the 10.7 percent gain in 2011, the 2012 revenue increase was driven mostly by unit sales gains rather than inflation. In 2011, inflationary pricing related to precious metals and polished diamonds accounted for most of the sales increase.
For the full year, fine jewelry sales were an estimated $61.9 billion in the U.S. market, up 6.0 percent, based on preliminary data. Fine jewelry represented 86.8 percent of the industry’s total sales; the balance is generated by fine watch sales. This 87/13 percent split is in line with historic levels.