Mother’s Day Jewellery Demand Drives Record Consumer Spending

 

Jewellery is set to play a leading role in what is to be a record-breaking Mother’s Day for consumer spending in the United States, according to the latest survey released by the National Retail Federation (NRF).

Despite ongoing economic uncertainty, sentiment remains resilient. Consumers continue to prioritise meaningful gifting, with jewellery emerging as a key category driven by emotional value and lasting significance.

“Mother’s Day remains a priority for many Americans,” noted Mark Mathews, Chief Economist at the NRF. “Consumers are increasingly seeking unique, sentimental gifts that create enduring memories.”

Total spending for the holiday is projected to reach a record US$38 billion, surpassing last year’s US$34.1 billion and exceeding the previous high of US$35.7 billion set in 2023. Within this, jewellery alone is expected to account for US$7.5 billion, representing a 10% increase year-on-year and reinforcing its position as one of the most significant gifting categories.

On an individual level, consumers are forecast to spend an average of US$284, marking a continued upward trend in per-person expenditure.

Beyond jewellery, experiential gifting continues to gain traction, with special outings projected to generate US$6.4 billion in spending. Electronics are expected to reach US$4.4 billion, followed by flowers at US$3.2 billion and greeting cards at US$1.3 billion.

According to Phil Rist of Prosper Insights & Analytics, consumers are not only budgeting more but also diversifying their spending across multiple gift categories.

The survey further highlights that:

• 54% of consumers plan to purchase gifts for their mother or stepmother
• 22% will buy for a spouse
• 13% intend to purchase gifts for daughters

Retail channels remain mixed, with 33% of shoppers favouring online and department stores, while 29% opt for specialty retailers a segment particularly relevant to the jewellery trade and 26% turning to discount outlets.

For the jewellery industry, the data underscores continued strength in consumer demand for pieces that combine emotional resonance with intrinsic value, reinforcing jewellery’s role as both a luxury purchase and a meaningful store of sentiment.

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Swiss Watch Exports Ease as Key Markets Show Weakness

Swiss watch exports recorded a modest decline in March, reflecting softer demand across several key international markets, according to figures released by the Federation of the Swiss Watch Industry.

Total shipments fell 1% year-on-year to CHF 2.11 billion (US$2.71 billion), following a period of strong growth in February across major markets.

The United States, the largest export destination for Swiss watches, led the downturn with a 1.6% decline to CHF 398.9 million. More pronounced weakness was observed in Asia and Europe, with exports to Japan falling 13% and Germany declining 9%.

While some markets showed resilience exports to the United Kingdom rose 3.2%, and China posted a 4.2% increase these gains were insufficient to offset broader softness. France recorded a sharp 72% increase, although this was largely attributed to re-exports rather than underlying consumer demand.

The Middle East presented a mixed picture. Exports to the United Arab Emirates edged up 0.7%, indicating continued stability, while Saudi Arabia experienced a notable 17% contraction.

From a pricing perspective, the only segment to record growth was watches priced between CHF 200 and CHF 500, which rose 15%. All other categories declined:

• Entry-level watches (below CHF 200): down 0.3%
• Mid-range (CHF 500–CHF 3,000): down 3.7%
• High-end (above CHF 3,000): down 0.5%

Despite the March slowdown, the first quarter as a whole remained positive, with exports increasing 1.4% to CHF 6.2 billion (US$7.95 billion).

The data suggests a market entering a phase of consolidation following periods of strong post-pandemic growth, with demand becoming increasingly uneven across regions and price segments.

Source: IDEX

Hublot Unveils a Diamond Masterpiece: Big Bang Impact One Million

 

Renowned for its million-dollar horological statements, Hublot once again elevates the intersection of haute horlogerie and high jewellery with the unveiling of the Big Bang Impact One Million. This exceptional timepiece features an intricate composition of over 500 diamonds, totalling approximately 44.6 carats, arranged in a dramatic vortex that converges upon a central flying tourbillon a powerful visual metaphor for energy, precision, and mechanical mastery.

Celebrating the tenth anniversary of the brand’s pioneering Big Bang Impact setting, this latest creation underscores Hublot’s uncompromising commitment to innovation. The piece transforms traditional gem-setting into a bold, architectural expression, reinforcing the maison’s reputation for crafting some of the world’s most collectible, fully diamond-set watches.

At the heart of the design lies a meticulously engineered setting technique that alternates baguette and fancy-cut diamonds in radiating formations. By seamlessly integrating invisible and closed-set methods, the watch achieves a striking three-dimensional effect, amplifying both brilliance and depth. For only the second time in the brand’s history, the flying tourbillon is placed centre stage suspended, skeletonised, and supported from a single side, enhancing both its visual drama and technical complexity.

Encased in polished 18K white gold, the 45mm timepiece is powered by the hand-wound HUB9015 calibre, delivering an impressive 120-hour power reserve. Every diamond used is ethically sourced and fully traceable, reflecting the highest standards of responsible luxury.

The creation of the Big Bang Impact One Million demanded hundreds of hours of expert craftsmanship and extensive research to achieve the precise interplay of diamond cuts within such a complex structure. The result is a timepiece that not only exemplifies technical excellence but also embodies the philosophy of Hublot where the “Art of Fusion” transcends materials to become a defining expression of identity and innovation.

Source: DCLA

Post-Tariff Slump in US Imports of Swiss Watches

Swiss watch exports to the US plunged by more than 55 per cent in September, in what the Federation of the Swiss Watch Industry Exports (FHS) described as a “huge correction”.

Foreign sales surged in the weeks before the US introduced a 39 per cent tariff on Swiss imports on 7 August, as manufacturers front-loaded shipments. 

Since then exports to the US have slumped, down by 23.9 per cent in August and now by 55.6 per cent in September.

“Without this expected but nonetheless extraordinary development, Swiss watch exports would have grown by 7.8%,” the FHS said in its latest update.

Hong Kong and China both saw a marked reversal of fortunes, from double-digit declines in August to double-digit increases in September. But that wasn’t enough to outweigh the US plunge.

Total Swiss watch exports fell by 3.1 per cent during the month to CHF 2.0bn (USD 2.5bn). The UK became the single biggest buyer, with imports up 15 per cent to CHF 173m ($218m), an 8.7 per cent market share.

The overall decline took cumulative exports for the first nine months of the year to CHF 19.0bn (USD23.9bn), an overall decline of 1.2 per cent. 

Source: DCLA

US Tariffs: Patek Philippe “to Hike Prices by 15%”

Patek Philippe will reportedly hike watch prices by 15 per cent tomorrow (Monday 15 September) in response to US reciprocal tariffs.

If confirmed, it will be Patek Philippe’s third price rise in the US this year, according to the WatchPro website.

Prices were increased in January because of soaring gold prices and the strength of the Swiss franc, and in April as a response to the US announcement of across-the-board tariffs.

Authorized dealers will also have their margins cut. Patek Philippe will be the first Swiss watchmaker to raise prices since the US introduced 39 per cent tariffs on 7 August.

Watchmakers rushed to export their goods ahead of the tariff deadline, resulting in a 6.9 per cent increase during July.

But price increases in the near future are almost inevitable as the reciprocal tariffs bite and stocks need replenishing.

One of the lowest-priced Patek Philippes, the $26,000 stainless steel Patek Philippe Aquanaut Ref. 5167A-001 (pictured) will cost $30,000 if the price increases take place.

Source: DCLA

Small Rise in US Watch and Jewelry Sales

The modest increase largely reflects a rush by exporters to get their goods into the US before the tariff deadlines and retailers stockpiling for the same reason.

It offsets low consumer demand, which is being compounded by ongoing anxiety over US reciprocal tariffs which are expected to force up prices.

Average monthly growth in watch and jewelry sales so far, for the first seven months of this year, has been around 0.6 per cent, compared to over 5 per cent last year.

Sales in June were down 0.9 per cent, a figure that has been revised up from the original -1.7 per cent, based on actual transactions rather than estimates.

Exports of Swiss watches were up 6.9 per cent, largely driven by manufacturers front-loading their shipments to avoid 39 per cent US tariffs.

Source: DCLA

Thousands of Swiss Watchmakers’ Jobs at Risk

Thousands of Swiss watchmakers are facing an uncertain future from 1 August, when the state-funded furlough program comes to an end.

Employers will have to find a way to pay their salary, or let them go.

The furlough scheme, widely used during the Covid pandemic, was never intended to meet such long-term needs as the ongoing decline in demand for luxury watches.

The industry has been relying heavily on support from the government, which has until now covered 80 per cent of furloughed workers’ salaries.

But a decline in global demand since the second half of 2023 shows little sign of recovery.

Smaller and mid-market brands are feeling the squeeze more than large, high-end brands such as Rolex, Patek Philippe, and may be forced to lay off staff.

Watchmakers avoid permanent job losses wherever possible, because of the difficulties in recruiting skilled workers when demand picks up.

Many watchmaking companies have put workers on short-time working even if they have been able to avoid temporary retrenchments.

Swiss watch exports were down 2.8 per cent by value in 2024, according to the Federation of the Swiss Watch Industry, with sales in China down by almost 26 per cent.

Last September we reported that Girard-Perregaux and Ulysse Nardin, (sold off by the Kering Group), had put 15 per cent of their workforce on short-time working and that 40 companies – mostly tool, machinery or component suppliers – applied for permission to cut their workers’ hours in Jura, one of Switzerland’s 26 cantons.

Source: DCLA