1 Top Stock in the Fastest-Growing Retail Niche
At a recent auction by diamond mining titan De Beers, diamond buyers found that many of their favorite stones were selling for 10% more than their previous prices. Further, some of those buyers went on to resell their acquisitions to traders and manufacturers at even higher markups. This sparkly sticker shock can be traced back to a single cause: ballooning consumer demand for specialty jewelry.
In May, jewelry spending was up by 203% year over year, and up by 45% from the pre-pandemic levels of May 2019. This outpaced the growth of apparel and home furnishings combined -- from both the 2020 and 2019 baselines.
Signet Jewelers (NYSE: SIG), the owner of market-leading jewelry chains Zales, Jared, and Kay Jewelers, among others, is already benefiting from these market conditions -- and it's setting itself up to stay ahead by putting the user experience first.
Source Fool.com
