Can't put a ring on it? Blame the election
For many Americans, the current U.S. election is a source of anxiety. After all, the two major party candidates could not be any different, and as history has shown us, the tone and substance of a president’s tenure has huge ramifications now, and for the near and distant future. But one other possible side effect of all of this election stress: People are buying less jewelry, at least from one national chain.
For Jared, the “Galleria of Jewelry,” same-store sales fell 7.6% this past quarter. As it was the chain’s Texas stores in particular that saw drops in sales, industry analysts tied it to oil (as Bloomberg puts it, “the oil glut”), but according to the CEO of Signet, which owns Jared, the election is also a factor:
“[Consumers] just want to get some stability and understand what’s going on as a whole in the world, and what’s going on in the presidential election. Once we get through the elections, hopefully we’ll see some stability.”
There’s evidence to suggest that it’s not just jewelry sales that dip during election years; analysis of the S&P 500 shows that markets in general tend to fall during the last year’s of a president’s second term. So whether you’re shopping for wedding rings or looking to get a new TV, if you feel yourself second-guessing your purchase more than usual, you can thank Obama for that — or rather the news that in a few months, he’ll be succeeded by one of two very disparate options.