The U.S. watch and jewelry market recorded a notable rise in October 2024, with sales increasing by 8.8% compared to the same month in 2023, according to data released by the U.S. Department of Commerce.
This marks one of the largest monthly gains in over two years, signalling a continuation of the sector’s recovery.
Revised September Figures Show Stronger Momentum
September’s watch and jewelry sales growth was initially reported at 8.4%, but the U.S. Department of Commerce has revised the figure upward to 10.3%. This adjustment makes September the strongest month for sales growth since April 2022, further emphasising the recent resurgence in demand for luxury goods.
Holiday Sales Expectations
Retail sales across all sectors in the U.S. are projected to grow by 3.2% during the holiday shopping period from November 1 to December 24, according to Mastercard SpendingPulse. Economic indicators such as slowing inflation, declining interest rates, and low layoff rates suggest improved consumer confidence. Nominal wage growth, which remains above pre-pandemic averages, may also contribute to spending capacity during this critical shopping season.
Sustained Growth After a Challenging Period
October marked the 13th consecutive month of year-over-year growth in watch and jewelry sales, following a year of nearly uninterrupted declines from September 2022 to September 2023. The steady recovery reflects strengthening consumer demand and a stabilising economic environment, providing a favourable backdrop for the sector.
Implications for Jewelers
The continued growth in watch and jewelry sales underscores a steady rebound in the market. This trend, coinciding with the holiday season, highlights the importance for jewelers to align their marketing and inventory strategies with consumer demand during this peak period. Improved economic conditions and consistent consumer spending patterns may offer opportunities for sustained growth heading into 2025.
