ColumnistsDec 21, 2023
On Data: Subdued Sales in the Second Week of December ColumnistsDec 28, 2023
On Data: In December, A Tale of Two Markets
The first 21 days of the month revealed surprising shifts in consumer behavior, Sherry Smith says.
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
Scratch the surface of holiday sparkle, and you’ll find a tale of two markets: stability in total sales for independent jewelers but surprising shifts in consumer preferences.
This report dissects these trends, arming you with insights to navigate the changing market and maximize your holiday sparkle.
Dive deeper and discover which categories are cooling off while others bask in the holiday spotlight.
Overall, total gross sales for independent jeweler were steady in the first 21 days of December.
However, a subtle 5 percent decrease in unit sales coupled with an average retail sale of $590 suggests a cautious consumer approach.
The diamond categories (including sales of both natural and lab-grown stones) continued their downward trajectory, with a 5 percent decrease in gross sales and a 4 percent fall in unit sales, yet they boasted a robust average retail sale of $2,184.
Sales of bridal jewelry, traditionally seen as a bellwether for broader market trends, notably reflected this cautious sentiment. Gross sales fell 12 percent and there was a 5 percent decline in units sold.
This downturn may be attributed to the number of engagements normalizing to pre-COVID levels, suggesting a shift back to traditional buying patterns rather than a decrease in overall market health.
Conversely, the diamond fashion segments showed resilience with a slight 1 percent uptick in gross sales, though unit sales dipped by 3 percent, achieving an average retail sale of $1,862.
The colored stone and pearl categories also felt the market’s shifts, with gross sales down a little more than 2 percent and unit sales decreasing 8 percent, yet they maintained a commendable average retail sale of $943.
The gold jewelry category was a mixed bag, with a 3 percent increase in gross sales counterbalanced by a 2 percent decrease in unit sales, and an average retail price of $523.
Watches, while experiencing a 5 percent decrease in units sold, defied the trend with a 12 percent increase in gross sales thanks to a strong average retail sale.
In contrast, sterling silver and alternative metals faced a more challenging environment, with both gross sales and units sold down by 12 percent.
Repair and custom services, however, were a bright spot, with gross sales increasing 7 percent despite a 3 percent decline in units sold.
Lastly, giftware faced a downturn, with a 4 percent decrease in gross sales and a more pronounced 10 percent decrease in units sold.
Related stories will be right here …
This report dissects these trends, arming you with insights to navigate the changing market and maximize your holiday sparkle.
Dive deeper and discover which categories are cooling off while others bask in the holiday spotlight.
Overall, total gross sales for independent jeweler were steady in the first 21 days of December.
However, a subtle 5 percent decrease in unit sales coupled with an average retail sale of $590 suggests a cautious consumer approach.
The diamond categories (including sales of both natural and lab-grown stones) continued their downward trajectory, with a 5 percent decrease in gross sales and a 4 percent fall in unit sales, yet they boasted a robust average retail sale of $2,184.
Sales of bridal jewelry, traditionally seen as a bellwether for broader market trends, notably reflected this cautious sentiment. Gross sales fell 12 percent and there was a 5 percent decline in units sold.
This downturn may be attributed to the number of engagements normalizing to pre-COVID levels, suggesting a shift back to traditional buying patterns rather than a decrease in overall market health.
Conversely, the diamond fashion segments showed resilience with a slight 1 percent uptick in gross sales, though unit sales dipped by 3 percent, achieving an average retail sale of $1,862.
The colored stone and pearl categories also felt the market’s shifts, with gross sales down a little more than 2 percent and unit sales decreasing 8 percent, yet they maintained a commendable average retail sale of $943.
The gold jewelry category was a mixed bag, with a 3 percent increase in gross sales counterbalanced by a 2 percent decrease in unit sales, and an average retail price of $523.
Watches, while experiencing a 5 percent decrease in units sold, defied the trend with a 12 percent increase in gross sales thanks to a strong average retail sale.
In contrast, sterling silver and alternative metals faced a more challenging environment, with both gross sales and units sold down by 12 percent.
Repair and custom services, however, were a bright spot, with gross sales increasing 7 percent despite a 3 percent decline in units sold.
Lastly, giftware faced a downturn, with a 4 percent decrease in gross sales and a more pronounced 10 percent decrease in units sold.
In conclusion, the first three weeks of December are evidence of a complex landscape for independent jewelers, marked by steadfast gross sales yet underlined by shifts in consumer buying behavior.
As we move forward, understanding these nuanced changes will be crucial in strategizing for the upcoming year.
It’s imperative to adapt to the evolving market, focusing on areas of growth and addressing the segments showing decline.
With a strategic approach and an eye on market trends, the independent jeweler can navigate these fluctuations and position themselves for sustained success in the future.
Keep an eye out for my next column, where I will provide a comprehensive performance analysis for the entire month of December.
Don’t miss this dive into the insights that will influence our strategies and understanding of the market as we head into 2024.
More on Columnists
The Latest
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
