Feb 3rd, 2014
Total fine jewelry and watch sales in the U.S. market rose to a record $79.5 billion in 2013, an increase of 7.8 percent over 2012 levels, according to preliminary data just released from the U.S. Department of Commerce.
Fine jewelry sales, excluding watches, were $70.0 billion in 2013, a gain of 7.6 percent over 2012. Fine watch sales rose by a very strong 9.4 percent in 2013 to $9.4 billion.
Watch Sales Mix Rises
In 2013, fine watch sales were 11.9 percent of total fine jewelry and fine watch sales.
This mix of watch sales is climbing, after falling to 11.6 percent of sales in 2010, as the industry was still reeling from the impact of the “Great Recession” that began in 2007. In 2006, just prior to the recession, fine watch sales represented 12.1 percent of total fine jewelry and watch sales in the U.S. However, during the recession, consumers tightened their purse strings, and slowed their buying of expensive, flashy watches.
Over the next several months, the Department of Commerce will revise these figures, but IDEX Online Research believes that the data will not change significantly.