US jewelry sales experienced a 2.5% increase in November, driven by a 4.6% year-over-year rise in the average expenditure per item by consumers.
This uptick in jewelry expenditure is part of a trend indicating a turnaround in US demand for fine jewelry. So far this year, sales have increased almost every month, as did consumers’ average expenditure.
The rise in expenditure has offset the decline in unit sales, which has been another notable trend over the past year.
Sales of diamond jewelry, both finished and store-set, exhibited a similar pattern, albeit with different dynamics. While revenue remained stable and unit sales fell, the average expenditure surged by 5.4%.
Additionally, the results for November may have been influenced by a shift in holiday selling days, as two days typically in November were moved to December 1-2.
Average Expenditure on Finished Jewelry Soars
Finished jewelry sales experienced a robust increase, climbing over 4% in November.
This growth was primarily driven by a 6.5% rise in consumers’ average expenditure per item. This increase in expenditure is noteworthy, especially given that many retailers typically offer discounts during the November-December shopping season.
This trend suggests that US consumers continue to harbor a deep interest in jewelry and demonstrate it with a growing willingness to invest in it.
Unusually, unit sales were down year-over-year, however this was against a strong rise in November 2023. Also, the last two days of the holiday shopping period, which fell in December, may have also influenced this trend.
The two best-selling jewelry items were chain necklaces and fashion pendants, both in the $500-600 price bracket. Hoop earrings seem to have fallen out of favor, with a near 10% decline in units sold.
Modest Demand for Finished Diamond Jewelry
A more modest development took place with finished jewelry set with natural diamonds. Total revenue increased 1.4% and unit sales of pre-set natural diamond jewelry declined nearly 5% in November.
Not surprising, the top sellers were non-bridal diamond rings, followed by diamond earrings. Consumers’ average expenditure on both these items grew 8.5% year over year.
Considering the jump in demand in October, it seems that many consumers opted for an early start in buying finished diamond jewelry, especially items in the $2,000-$2,500 price range.
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