News

Advanced Search

U.S. Jewelry Store Sales -4% in January

Mar 12, 2015 10:17 AM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... U.S. specialty jewelry store sales fell 4.1 percent year on year to $1.997 billion in January. The decline was not unexpected, after a preliminary drop of 1.9 percent for  jewelry and watch sales from all retail channels during the month at $4.5 billion.

Meanwhile, the government's advanced sales estimates for February signaled continued consumer spending softness as total retail sales, excluding automobiles, rose just 0.3 percent to $308.2 billion.  Advanced estimates for department store sales fell 3.1 percent year on year to $11.15 billion in February.  Retail trade sales rose 1 percent, the weakest increase in more than one year. Nonstore retail sales increased a solid 8.6 percent.

Lindsey Piegza, the chief economist at Sterne Agee, concluded that spending weakness is widespread across most categories and that U.S. consumers have pulled back markedly -- reflecting sluggish wage growth and growing concerns about how they will finance today's spending with tomorrow's wages.

"Lower gas prices were a welcome windfall, boosting spending in October and November, but by December, consumers have been squirreling away cost savings," she wrote in a note to clients. "Low gas prices alone are not enough to sustain spending patterns; support is needed from organic job and income growth."

Some pundits have blamed weak February retail sales on the weather; however, Sterne Agee noted that even seasonally adjusted figures were down, so stormy weather was not a factor. 



 

Tags: Consumer Spending, data, department stores, Jeff Miller, Jewelry, retail, sales, stores
Similar Articles
Diamond Show - Rapaport Polished Diamonds 150India: Polished Showing Signs of Improvement
Feb 21, 2019
Suppliers optimistic for Hong Kong show, with signs of improvement in polished trading. Overseas buyers looking
Rapaport TradeWire February 14, 2019
Feb 14, 2019
Retail Industry Mining General Finance February 14, 2019 RAPAPORT MARKET COMMENT Polished market improving,
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
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.