The first few months of 2025 have been nothing short of interesting. If you're feeling the pressure of a shifting economy—between inflation and tariffs—you’re not imagining it. Our latest data shows you’re probably not the only one feeling it, either. Keep reading for a breakdown of the most recent quarterly JBT Vital Statistics and the takeaways from Q1 that might help you plan what's next for your business.
In Q1 2025, 92 new businesses were added to the JBT database, a 5.2% drop from the 97 recorded during the same period last year. Back in Q1 2023, that number was 115, showing a 20% decrease over the last two years. This decline could reflect a number of things: increased caution due to economic uncertainty, new business owners entering the market more strategically, or even an uptick in barriers to entry like increased competition or risk. Regardless, the Q1 2025 data suggests the growth in new businesses may be stabilizing.
A total of 178 businesses shut their doors, compared to 173 closures during Q1 2024. During this period in 2023, just 116 businesses closed. The steady climb in closures from Q1 2023 to Q1 2025 shows a clear trend of increasing business shutdowns. The rise in closures may point to businesses struggling to maintain footing amid inflation, changing consumer behavior, or demographic shifts, such as aging owners without successors to their companies.
There were 35 consolidations/mergers in Q1 2025, a 169% jump from 13 in Q1 2024, and a 67% increase from the 21 consolidations JBT recorded in Q1 2023.
In Q1 2025, there were a total of 1,369 credit rating changes: 662 increases and 707 decreases. Compared to the same period last year, increases fell by 7.67% from 717 to 662, and decreases declined by 2.75% from 727 to 707.
In the first quarter of 2025, the jewelry industry saw a slowdown in new business formation, a rise in closures and consolidations/mergers, and a slight dip in credit rating activity, suggesting economic shifts are impacting the jewelry market and potentially beginning to reshape it.
Want access to deeper industry insights? Join JBT for exclusive access to the full statistics mentioned here, along with past and upcoming quarterly reports and members-only newsletters.