The US watch and jewelry market experienced a downturn in January, marking the first decline in sales in over a year. According to the latest data from the US Department of Commerce, sales dipped by 3.0% compared to January of the previous year.
Further revisions to sales figures for November and December indicate slower-than-expected growth. Updated data, based on actual point-of-sale transactions rather than estimates, reflect gains of only 2.6% and 1.5%, respectively—lower than the originally reported figures of 3.0% and 4.0%.
This marks a shift in momentum for the sector, which had been experiencing steady growth since October 2023. The market hit a peak in September and October, with year-over-year increases reaching approximately 10%. Prior to this resurgence, the industry had been in a general decline since October 2022.
The slowdown raises questions about shifting consumer spending habits, economic uncertainty, and potential market corrections after months of strong performance. Industry analysts will be closely monitoring the coming months to assess whether this dip is a temporary fluctuation or a sign of a broader trend in luxury goods spending.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
