International News
US jewellery sector shrinks again in final quarter of 2024
The US jewellery sector shrank again during the final quarter of 2024, with 753 fewer retail, wholesale and manufacturing businesses than there were a year earlier.The Jewelers Board of Trade (JBT), which provides commercial credit information, today (16 January) announced a 3.2 per cent reduction, a marginal improvement on the 3.3 per cent stop during the previous quarter.
There are currently 17,124 jewelry retailers in the US, 3,824 wholesalers and 2,155 manufacturers, according to the JBT statistics, which take account of new businesses as well as ceased operations.
During the fourth quarter, 158 businesses stopped trading. Of those, 23 were sold or merged (mostly retailers). There was only one recorded bankruptcy.A total of 90 new retailers opened during the quarter, together with eight wholesalers and five manufacturers.
International News
US Holiday Shopping Expected To Top $1 Trillion For The First Time: NRF
While Overall Buying Power Remains High, Ongoing Inflation and Rising Household Costs Mean Some Families Will Have To Watch Their Spending More Carefully Than Others
The National Retail Federation (NRF) predicts Americans will spend $1.01 trillion on holiday shopping in November and December. That is a 4.2% jump from $972 billion last year.
NRF said its forecast was based on economic modeling that incorporates consumer spending, employment, wages and ​historical retail sales data. It excludes automobile, gasoline and ​restaurant sales
​Extra Hiring: To handle the surge in shoppers, stores plan to hire 325,000 to 375,000 temporary holiday workers.
​Mixed Budget Impact: Higher gas prices and inflation could still strain some family budgets, affecting low- and high-income shoppers differently.
​Retailers expect a strong shopping season because people continue to make holiday spending a priority.
Store owners are ready to attract shoppers by offering competitive prices, deals, and choices for every budget.
While overall buying power remains high, ongoing inflation and rising household costs mean some families will have to watch their spending more carefully than others.
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