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Silver Jewelry Sales Surge - Are you feeling it?

  •  I found this a very interesting article on Silver Sales from the Silver Institute because altho the survey stated sales were up 60% in jewelry sales, what you don't realize until scrolling through the survey is that out of 33,555 subscribers who were sent the questionnaire only 149 replied - which means these percentages are drawn from a very small group -

     

    But THERE IS very important data reported here which I think benefits all jewelry artists selling to the public. Who is your TARGET MARKET?-  many artists do not give this most important aspect of their business serious thought.

     

    YOUR TARGET MARKET ARE 20 - 40 YR OLDS.

     

     

    (Washington, D.C. — April 5, 2016)  Silver jewelry sales in the United States were  solid in 2015 with 60% of jewelry retailers reporting increased sales, according to a survey conducted on behalf of the Silver Institute’s Silver Promotion Service (SPS).  This marked the seventh consecutive year of growth for silver jewelry sales and confirmed that silver jewelry is an increasingly important category for many retailers.

     

     

     

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      The survey was conducted online from January 21 to March 13, 2016 by the Jewelers of America.  The questionnaire was sent to a total of 33,555 National Jeweler subscribers. As of March 13, 149 retailers had responded and form the basis for this report.

     

    Exceptionally Strong 2015 U.S. Silver Jewelry Sales

    Seventh Consecutive Year of Growth

     

    Survey from the Jewelers of America

     

    SILVER SURVEY 2011

    Introduction

    Silver has become an increasingly important category for many jewelers over the past several years, both in driving sales and providing margin. To determine specifics on market performance and help support the category's further growth, the Silver Promotion Service partnered with National Jeweler for the seventh year in a row to field a market measurement study.

    Objectives

    Jewelry Retailers were surveyed to determine:

    • How 2015 silver jewelry sales compared to 2014.

    • How 2015 holiday sales for silver jewelry compared to the 2014 season.

    • Which merchandise categories had the best maintained margin over the 2015

      holiday season.

    • What price points of silver jewelry have the greatest amount of sales.

    • How silver jewelry performs compared to other categories in their store.

    • Whether they increased their inventory of silver jewelry in 2015.

    • Which category had the best inventory turnover rate.

    • What age groups are buying the most silver jewelry and where they see their

      best selling opportunities with silver.

    • What were the two best-selling silver styles/trends and 2015 and which will have

      an increased importance in 2016.

    • How important silver jewelry is to their business.

    • How optimistic they are that the current silver boom will continue for the next

      several years.

       

       

     

    Executive Summary

    • 60% of the jewelry retailers said their silver jewelry sales increased in 2015. 22% said their silver jewelry sales remained the same and 18% saw a decrease in sales.

    • 42% said their silver jewelry sales increased between 11 and 25%. 8% saw an increase over 25%. The average increase in 2015 for silver jewelry sales was 15%.

    • 48% of the jewelry retailers said their 2015 holiday season sales of silver jewelry increased over the 2014 holiday season. Twenty-nine percent said their holiday season silver jewelry sales remained the same while 23% said their sales decreased.

    • The following merchandise categories gave retailers the best maintained margins during the holiday season:

      (Percent rating category as "best")

      Silver Jewelry 45% Diamond Jewelry 27% Bridal Jewelry 16% Gold Jewelry 9% Platinum Jewelry 3%

    • 45% said silver experienced the best inventory turnover rate in 2015; 22% said diamond, 17% bridal, 12% gold and 4% platinum.

    • The two best price points where retailers are experiencing the greatest amount of sales in silver jewelry are $100 - $500 (42%) and less than $100 (48%).

      Price Point Range
      More than $1,000 2% $501 - $1,000 8% $100 - $500 42% Less than $100 48%

    • Retailers said their silver jewelry sales as a percentage of their overall jewelry sales was on average 35% of their unit volume and 27% of their dollar volume. Expressed as a median, silver jewelry sales were 25% of their unit volume and 16% of their dollar sales volume.

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    • 57% increased their inventory of silver jewelry in 2015 an average of 21%.

    • The age group buying the most silver jewelry is 20 - 40 according to 58% of the

      retailers. The 41 - 50 age group was second.

      Over 60 1% 51-60 6% 41-50 20% 20-40 58% Under 20 15%

    • Retailers say the best-selling opportunity with silver is female self-purchase followed by gifting.

      Female self-purchase 46% Gifting 34% Youth market 17%

    • 62% say silver jewelry is very important or important to their business; 37% said very important.

    • 87% say they are optimistic that the current silver boom will continue for the next several years; 46% said they were very optimistic.

    • 75% of the respondents are independent retailers, 5% jewelry chains, 2% department stores and 18% other.

    • Respondents were from across the country.

      New England 7% Middle Atlantic 25% East North Central 11% West North Central 6% South Atlantic 17% East South Central 2% West South Central 4% Mountain 4% West 12% Other (Canada/across US, etc.) 12%

    • 65% of the retailers operate one physical store, 18% operate two or more stores and 17% were online only.

    • Annual per store sales for respondents are $1,500,000. 

    SPECIAL QUESTIONS:

    • 25% said social media plays an important role in the consumers purchase consideration. (Respondents rating a 5 or 4 on a 5 point importance scale).

    • Retailers say requests by customers and recommendation by other retailers are most important in determining whether to carry a new silver collection/brand.

      (Percent rating 5 or 4 on a 5 point importance scale)

      Requests by customers 78% Recommendation by other retailers 55% Reputation of sales representative 46% The Brand’s consumer advertising/PR 43% The Brand’s trade show presentation 31% As seen in industry publication/articles 25%

    • Price point, recommendations/referrals by sales staff and brand recognition are the most influential factors in motivating a customer to buy.

      (Percent rating 5 or 4 on a 5 point influential scale)

      Price point 83% Recommendations/referrals
      by sales staff 62% Brand recognition 60% Social media 30%

    • Retailers are spending 23% of their annual marketing dollars on print advertising.

    Print advertising Promotions/events Online ads/website Social media
    Direct mail/catalogs Staff training/education Other

    23% 19% 18% 14%

    9% 11% 6%

     

     

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