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
MajorsAug 26, 2024
Longtime Industry Sales Trainer Lenny Zell Dies at 97Said to be the first to write a jewelry sales manual for the industry, Zell is remembered for his zest for life.
WatchesAug 26, 2024
IWC Is Sending Its Watches to SpaceThe company outfitted the Polaris Dawn spaceflight crew with watches that will later be auctioned off to benefit St. Jude’s.
AuctionsAug 23, 2024
Abernethy Pearl Tops Estimates at Auction A buyer paid more than $100,000 for the gemstone known as “Little Willie,” setting a new auction record for a Scottish freshwater pearl.
Brought to you by
Watch: Natural Diamonds: A Great (but Often Untold) Geology StorySupplier Spotlight Sponsored by GIA.
CollectionsAug 23, 2024
Piece of the Week: Gumuchian’s Colorful ‘Spectrum’ NecklaceAnita Gumuchian created the 18-karat yellow gold necklace using 189 carats of colored gemstones she spent the last 40 years collecting.
Weekly QuizAug 23, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingAug 22, 2024
2,492-Carat Diamond Recovered From Botswana Diamond MineThe giant gem came from Karowe, the same mine that yielded the 1,109-carat Lesedi La Rona and the 1,758-carat Sewelô diamond.
TrendsAug 22, 2024
Kaley Cuoco Has a Three-Stone Engagement Ring With a TwistThe three-stone ring was designed by Shahla Karimi Jewelry and represents Cuoco, her fiancé Tom Pelphrey, and their child.
Brought to you by
Watch: Forging the Next Generation of Skilled Bench Jewelers at GIASupplier Spotlight Sponsored by GIA
CollectionsAug 22, 2024
Greenwich St. Jewelers Collabs with TikTok Jewelry Content CreatorThe Manhattan jewelry store has partnered with Xarissa B. of Jewel Boxing on a necklace capsule collection.
TechnologyAug 21, 2024
Instagram’s Notes Feature Expands to Posts, ReelsActing as temporary virtual Post-it notes, Notes are designed to help strengthen mutual connections, not reach new audiences.
TrendsAug 21, 2024
Carol Woolton To Release New BookThe jewelry historian discusses the history and cultural significance of jewelry throughout time and across the globe.
TrendsAug 21, 2024
Amanda’s Style File: Shimmy and ShakeFrom fringe and tassels to pieces that give the illusion they are in motion, jewelry with movement is trending.
IndependentsAug 20, 2024
Mixed-Media Jewelry Artist Jan Yager Dies at 72The designer and maker found community around her Philadelphia studio and creative inspiration on the sidewalks below it.
IndependentsAug 20, 2024
Pat Henneberry Releases MemoirThe industry consultant’s new book focuses on what she learned as an athlete recovering from a broken back.
Events & AwardsAug 20, 2024
The Ethical Gem Fair Is Going to CaliforniaThe fair will take place on the West Coast for the first time, hosted by Altana Fine Jewelry in Oakland, California.
MajorsAug 20, 2024
Kathy Hillelson Joins Board of WJA Foundation Hillelson is a second-generation diamantaire and CEO of Owl Financial Group.
Events & AwardsAug 19, 2024
Nominations Are Open for the 2025 Gem AwardsSubmissions in the categories of Jewelry Design, Media Excellence, and Retail Excellence will be accepted through this Friday, Aug. 23.
AuctionsAug 19, 2024
Scotland’s Famed Abernethy Pearl Is Up for Sale Known as “Little Willie,” it’s the largest freshwater pearl found in recent history in Scotland and is notable for its shape and color.
IndependentsAug 19, 2024
Kentucky Jeweler Closing After 89 YearsClements Jewelers in Madisonville cited competition from larger retailers and online sellers as the driving factor.
SourcingAug 19, 2024
A&C Gem Trading Corp. Relocates, Opens Wholesale ShowroomThe gemstone company is moving to the Ross Metal Exchange in New York City’s Diamond District.
CrimeAug 16, 2024
Jewels Stolen During Green Vault Heist Back on DisplayMost of the 18th century royal jewelry taken from the Green Vault Museum in Dresden, Germany, in 2019 went back on display this week.
IndependentsAug 16, 2024
Louis Anthony Jewelers Announces First Resort StoreThe Pittsburgh jeweler has opened a store in the nearby Nemacolin resort.
CollectionsAug 16, 2024
Piece of the Week: Jonne Amaya’s ‘Cat Claw’ NecklaceWith a 40-carat cabochon emerald, this necklace is as powerful and elegant as a cat.
Events & AwardsAug 16, 2024
IJO Names Jewel-Craft as VIP Vendor of the YearThe Erlanger, Kentucky-based company was recognized for its reliability when it comes to repairs and fast turnaround times.
SourcingAug 15, 2024
Greenland Ruby Is Up For SaleUnable to pay its debts, the ruby and sapphire miner is looking to restructure and become a “competitive and attractive” company.
TrendsAug 15, 2024
Paola De Luca to Debut Trendbook 2026+ at VicenzaoroThe trend forecaster’s latest guide has intel on upcoming trends in the jewelry market.
Events & AwardsAug 15, 2024
Heather Ingraham Awarded WJA Helene Fortunoff Scholarship Ingraham said she’ll use the scholarship funds to attend the Women’s Leadership Program at the Yale School of Management.
