On Data: Subdued Sales in the Second Week of December
Independent jewelers’ sales increased 1 percent from Dec. 7-14 and some interesting trends emerged, Sherry Smith writes.
![Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com. National Jeweler columnist Sherry Smith](https://uploads.nationaljeweler.com/uploads/5e1b7d4b94e4ac00c8c8022c95c83d82.jpg)
This year, from Dec. 7 to 14, the glimmer was somewhat subdued, with just a 1 percent increase in overall gross sales.
However, behind this seemingly modest figure lies a captivating narrative of category performance, shifts in price points and evolving consumer preferences, all of which provide valuable insights into the market’s ever-changing landscape.
Traditionally, diamonds have long been synonymous with holiday sparkle, but this year, their brilliance shines a bit differently for independent jewelers.
From Dec. 7 to 14, a 3 percent decline in overall gross sales belies a fascinating tapestry of contrasting performances within the diamond category.
Bridal pieces, once guaranteed bestsellers, take a backseat, while diamond fashion jewelry takes center stage, prompting us to ask, what trends are shaping consumer desires and how are independent jewelers adapting?
While overall unit sales dipped 5 percent, the average retail sale climbed 6 percent, suggesting a possible strategic shift towards higher-value items.
Diamonds performed unevenly, with fashion jewelry sales rising 3 percent but bridal dragging down the category with a 10 percent decline.
While data remains somewhat limited, initial findings indicate a decline in the frequency of weddings and engagements in 2023 when contrasted with 2022.
This trend may be further influenced by the fact that contemporary couples, particularly millennial and Gen Z couples, increasingly are embracing alternative relationship models.
Many are opting for non-formalized engagement or marriage arrangements, prioritizing diverse life goals such as career advancement, travel, and personal growth, all of which take precedence over early matrimony.
Predicting a rebound to pre-pandemic engagement levels is tricky. While economic recovery and industry adaptation could spark a resurgence, evolving values and flexible relationship models may keep the numbers closer to current trends.
Colored stones and pearls faced headwinds, dropping 3 percent in gross sales and nearly 9 percent in units, although the average retail sale edged up 7 percent.
Sterling silver and alternative metals, traditionally popular holiday choices, stumbled with an 11 percent decline in both gross sales and units. However, the average retail sale inched up 5 percent, potentially reflecting the removal of lower price points.
Watches continue to shine this December, boasting an impressive 9 percent surge in gross sales and an impressive 15 percent uptick in average retail price, even in the face of a 5 percent decrease in units sold.
There were bright spots in the service categories as well, defying an 11 percent drop in units serviced with a commendable 3 percent rise in gross sales, primarily attributable to a remarkable 15 percent increase in average retail sale.
Overall, despite economic uncertainties, independent jewelers continue to demonstrate resilience and adaptability. The focus on higher-ticket items and diversification across categories holds promise for a strong finish to the holiday season and beyond.
As the independent jewelry market stands at a pivotal juncture, the decisions taken in this critical moment hold the power to shape its future.
Will the emphasis on premium items persist? Will diversification of product categories yield success? Only time will tell.
What remains undeniable is that independent jewelers, with their resilience and adaptability, are ready to craft the narrative that lies ahead.
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It’s the Signet-owned banner’s first location in Georgia.
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Commemorate “brat summer” with these green hoops.
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Editor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
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As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Sponsored by Gemological Institute of America
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![Earlier this month, online giant Amazon and the Better Business Bureau filed a joint federal lawsuit against ReviewServiceUSA.com for allegedly selling fake reviews, both positive and negative. Amazon package outside door](https://uploads.nationaljeweler.com/uploads/27fce4225a38900d54a5536ce523a22d.jpg)
They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
![A shot of the Venetia diamond mine in South Africa, owned by De Beers Group. The diamond miner and marketer saw revenue drop 21 percent and rough diamond sales decline 20 percent in a “weak” market for diamonds. De Beers’ Venetia diamond mine](https://uploads.nationaljeweler.com/uploads/a1f16ceaaba662e80385166060d192a7.jpg)
Lab-grown diamond sales in the United States and ongoing economic challenges in China are impacting natural diamond demand.
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GIA®’s most advanced microscope has new features to optimize greater precision and comfort.
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The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
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The fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
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Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
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The Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
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Union Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
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Los Angeles-based Bradlei Smith was selected for this year’s award.
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The company also reported the $150 million sale of an iron ore royalty right, part of its ongoing effort to divest “non-core” assets.
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The giveaway is part of the New England jeweler’s summer bridal event.
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The ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
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Ghazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
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The organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
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Rentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
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Dance all night long with the “So Move Max” set’s necklace.
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Sellers and shoppers have spoken out against a rise in mass-produced merchandise on the platform meant to highlight handmade goods.