Snapshot: May 2020

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COVID-19’s impact on supplies and sources

By Harold Dupuy, FGA

We’re in the midst of strange times. First, the final numbers for 2019 are in and they show that last year was one of two seasons. After strong 2018 growth of 7.6 percent, the first half of 2019 resulted in poor jewelry store sector performance with sales of -4.6 percent (-$689 million) from H1 2018. Fortunately, things turned around in H2 with a 3.1 increase ($577 million) in comparable sales. While welcome, the turnaround fell short of providing an annual increase, with 2019 ending 0.3 percent ($112 million) below 2018’s sales volume of $33.49 billion. It’s challenging to understand the 2019 jewelry store sector results given that the vital factors of the U.S. economy were favorable, and total U.S. retail sales grew by 3.3 percent.