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Zales Owner Sees Steep Decline in Jewelry Priced $500 or Less
- Decrease in demand a sign of pressure on lower-income shoppers
- Slowed sales also show buyers are pivoting to seek discounts
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The owner of Kay Jewelers and Zales is seeing a “steep decline” in demand for items priced under $500, the latest sign that higher costs and economic uncertainty are weighing on lower-income consumers.
The highest inflation in decades, including higher prices for rent and gasoline, is eroding the spending power of less wealthy Americans, Gina Drosos, chief executive officer of Signet Jewelers Ltd., said in an interview.