Jewelry Market Must Prepare For A Steep Drop But Signet Jewelers Is Ready

Jewelry Market Must Prepare For A Steep Drop But Signet Jewelers Is Ready

"We are demonstrating that Signet has the strategies, strength and structural advantages to ... [+] consistently outpace the market and gain share," said Signet CEO Gina Drosos. A remarkable thing happened during and after the pandemic: Jewelry sales went through the roof. Personal consumption of jewelry reached $94. 6 billion in 2021, up over 50% from the $62. 3 billion spent in 2020, according to the Bureau of Economic Analysis' (BEA) underlying data. Across the board, American consumers bought a ton of stuff in 2021. Personal consumption of consumer goods rose 18% year-over-year and while inflation added 7% to that growth, the results are still stunning. And among the over 100 individual categories of consumer goods spending reported by the BEA, jewelry was tops in overall growth. Other categories, like gasoline and used cars and trucks, neared jewelry's level, but these were high inflation categories, with prices up 50% and 37% respectively. But jewelry prices rose only about 9%, according to the CPI. While the BEA's data is still preliminary so it is presented with caution – it has yet to release its official NIPA 2. 4. 5 report for 2021. Yet it is at the very least directional in