Inflation
Inflation has significant implications for the UK jewellery trade, affecting everything from raw material costs to consumer spending habits. For jewellers, suppliers, and manufacturers, understanding how inflation influences pricing, margins, and operational decisions is critical to staying resilient in a shifting economic climate. Jewellery Focus provides expert coverage on inflation trends, market analysis, and insights into strategies trade professionals are adopting to mitigate its impact across the supply chain and retail sector.
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Sep- 2022 -23 SeptemberEconomy
Chancellor announces sweeping tax cuts in first mini-budget
Chancellor Kwasi Kwarteng has today (23 September) announced a ream of tax cuts alongside a ยฃ60bn energy support package as part of the new governmentโs first mini-budget. Setting out his aims for economic growth, Kwarteng said that he wants the economy to increase by 2.5% annually in the medium-term, through…
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22 SeptemberEconomy
BoE raises interest rates to 2.25%
The Bank of England has today (22 September) announced that interest rates will be raised by 0.5%, with rates rising from 1.75% to 2.25%. The latest announcement from the Monetary Policy Committee (MPC) comes as inflation remains at record highs for the UK, and marks the seventh consecutive rise in…
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21 SeptemberFeatures
What will happen to luxury spending this winter?
Revenues in the jewellery industry have amounted to $4.03bn (ยฃ3.53bn) in 2022, with the market expected to grow annually by 5.6%, according to Statista. The global jewellery market size is expected to reach $518.9bn (ยฃ454.87bn) by 2030 and expand at a CAGR of 8.5% from 2022 to 2030, a report…
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14 SeptemberEconomy
Inflation falls in August but remains near 40-year high
UK inflation eased slightly in August to 9.9%, down from 10.1% in July, but remains near a 40-year high as prices continue to rise, according to the latest figures from the Office for National Statistics (ONS). On a monthly basis, CPI rose by 0.5% in August 2022, compared with a…
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9 SeptemberEconomy
Platinum jewellery sales continue global recovery
Platinum jewellery sales have continued to recover in the key markets of India, Japan and the United States in the second quarter of 2022, despite the lingering effects of the pandemic and rising inflation, according to the latest platinum jewellery business review Q2 2022. In part, it reports that the…
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7 SeptemberRetailers
Signet Q2 sales drop to $1.75bn
Signet Jewellers has revealed that its sales dropped 1.9% to $1.75bn (ยฃ1.52bn) for the 13 weeks ended 30 July 2022 (Q2 FY23), marking a drop of $33.2m (ยฃ28.9m) year-on-year, although this is up 29% compared to pre-Covid levels. Operating income also decreased year-on-year from $225.4m (ยฃ196.2m) to $186.8m (ยฃ162.65m), and…
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1 SeptemberEconomy
Footfall recovers in August despite cost of living crisis
Footfall has strengthened across UK retail destinations in August 2022 to -13.2% below 2019 compared with -14.2% in July 2022, after it had weakened from -12.3% in June 2022, according to Springboardโs Footfall Monitor. The โunexpected turnaroundโ covering the four weeks 31 July to 27 August saw footfall strengthened in…
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Aug- 2022 -25 AugustEconomy
Brits to have more considered Christmas as inflation bites, says eBay
The impact of inflation means consumers will be prioritising value for money and thoughtful gifting this festive season, according to the eBay Ads UKโs latest Christmas Spend Trends research report. The research, which surveyed 2,010 UK consumers who celebrate Christmas, found that a third (32%) of consumers are planning to…
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16 AugustRetailers
Wages see highest fall on record amid rising inflation
Regular pay in the UK has fallen by a โrecordโ 3% in the quarter ending June 2022, the steepest decline since records began two decades ago, as the nation continues to battle rising inflation and the cost-of-living crisis. Not accounting for inflation, growth in regular pay, excluding bonuses, would be…
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10 AugustEconomy
Heatwave helps boost retail sales 2.3% in July
Retail sales increased 2.3% in July as the heatwave experienced across the UK helped boost demand for โhot weather essentialsโ, according to the latest data from the BRC and KPMG retail sales monitor. UK retail sales increased 1.6% on a like-for-like basis from July 2021, when they had increased 4.7%.…
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