The popularity of products from Apple Inc. could hurt jewelers this holiday season, according to some analytsts.
Apple recently rolled out three new smartphones and a new Apple Watch, and those items could supplant jewelry on many holiday wishlists, MarketWatch reports.
Jaime Ward of Citizens Bank’s retail finance group was quoted saying: “By charging more for these essential tech products, it’s taking share of wallet from other discretionary items. Jewelry will unfortunately be hurt by that.”
That’s despite the fact that holiday retail sales overall are expected to climb by 5 percent to 5.6 percent versus last year, according to Deloitte.
The new Apple Watch in particular is expected to hurt traditional watch sales.
But executives at Signet Jewelers Ltd. say jewelry has unique appeal as a gift because it is “timeless and appropriate for so many occasions.”
“We are confident that consumers will find jewelry as the perfect gift to celebrate life and express love for family and friends this holiday season,” the company told MarketWatch in a statement.
Read more at MarketWatch