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Stable Prices, Improvement in Consumer Spending Help Jewelry Store Sales
Jewelry Store Sales +4% to $2B in June
Aug 15, 2012 8:00 PM
By Rapaport News
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RAPAPORT...
U.S. jewelry store sales were relatively stable in June, with the rate of growth aided by very low price inflation. Government figures estimated jewelry store sales at $2.2 billion in June, up 4 percent year-on-year on an unadjusted basis. The sales increase amounted to 1.3 percent on a seasonally-adjusted basis. Growth rates and price inflation were on par with May totals.
In review of jewelry store sales growth this year, the 8 percent consumer price index (CPI) for jewelry wiped out January's sales increase, but strong sales in February proved positive for retail jewelers, even with a high rate of inflation. Revenue in March was relatively flat given the high CPI, and in April, jewelry store sales contracted but so did inflation. During the first six months of 2012, on an unadjusted basis, jewelry store sales have risen 4.8 percent to $13.4 billion, while the CPI averaged growth of about 4 p ercent.
Meanwhile, U.S. department store sales fell 3.3 percent year on year in June to $14.8 billion and in July they dropped 3.5 percent to $13.5 billion. Unity Marketing has warned retailers, especially those in the luxury goods business, to prepare for a tough second half as affluent consumers have reduced their spending by 27 percent this year and there are no signs that wealthy shoppers intend to open their wallets more than necessary in the coming months.
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Tags:
inflation, Jewelry Store, Rapaport News, sales
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