Advanced Search

U.S. Jewelry Store Sales +8% to $2B

Higher Energy Prices Will Derail Consumers

Sep 12, 2014 10:13 AM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... U.S. jewelry store sales jumped 8 percent year on year to $2.37 billion in July, according to the government's retail survey. The increase for jewelry stores was stronger than the overall jewelry and watch sector, which recorded a preliminary increase of 4.3 percent to $5.576 billion in July. (Read more.)

Jewelry store sales for the first seven months of 2014 have risen 4.8 percent year on year to $17.704 billion. Meanwhile, jewelry and watch sales across all retail outlets has risen 2.6 percent to $40.021 billion, as estimated by Rapaport Newsjewelry store

Advanced estimates for sales at U.S. department stores in August continued to show a  slow and steady decline, as has been the case for most of the past two years. Department store sales fell 1.5 percent year on year to $14.028 billion in August; however,  retail and food sales during the month rose 5 percent to $444.4 billion.  Retail trade sales rose 4.8 percent.

U.S. chain-store sales in August increased 5.2 percent on a same-store sales basis, according to the International Council of Shopping Centers (ICSC), primarily due to back-to-school spending.

“With the back-to-school shopping season coming to a close, sales posted a very strong gain, with apparel stores closing out the month at their highest year-over-year gain in four months. It’s a great indicator that consumers are ready and willing to shop as the economy continues to improve,” said Jesse Tron, the spokesman for ICSC. “In fact, our back-to-school survey showed that on average, consumers are spending more this season ($325) on school items than last year ($284).” ICSC anticipates that comparable-store sales in September would increase between 4 percent and 5 percent.

Sterne Agee's chief economist, Lindsey Piegza, concluded that the increase in retail sales during August was a "welcomed step in the right direction." Consumers appeared to have had a little more cash to spend  during the month due to lower energy prices -- especially gasoline. "The fastest way to derail the consumer is sustained, heightened energy prices. On the flip side, continued price reprieve at the pump will help maintain a modest but positive spending pace in the third quarter, despite minimal improvement in wage growth," Piegza stated in a note to client.

Nonetheless, consumers, on average, will need sustained and robust income gains in order to maintain the current level of  retail sales gains, Piegza stated.


Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
Tags: department store, international council of shopping centers, Jeff Miller, Jewelry sales, jewelry stores, retail, sterne agee, watches
Similar Articles
Rapaport TradeWire April 2, 2020
Apr 02, 2020
Industry Retail Mining General Finance April 2, 2020 RAPAPORT MARKET COMMENT Diamond markets under continued
Rapaport TradeWire March 19, 2020
Mar 19, 2020
Industry Retail Mining General Finance March 19, 2020 RAPAPORT MARKET COMMENT Diamond markets under
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.