There’s optimism in the air for retailers following the latest sales analysis of Australia’s independent jewelery stores from Retail Edge, highlighted by a bounce-back.
Data from June shows comparative overall sales dollar performance returned to positive territory, improving by five percent compared with 2022 and eight percent on the two-year difference.
Comparative units sold decreased by 3.4 per cent on a year-by-year comparison.
The comparative average sale in inventory only increased by 10 percent on a year-by-year comparison ($242 from $220) and improved by eight percent on a two-year comparison.
Looking at the performance across product categories, the diamond precious metal jewelry segment improved by seven percent compared with June 2022, Retail Edge sales manager Mike Dyer explained.
“Colour gemstone set precious metal jewelery shows sales dollars were down 18 per cent compared with June 2022 and declined 4.6 per cent on the two-year comparison to June 2021,” he said.
“Precious metal jewelry (without a diamond or gemstone) sales dollars were up 1.2 percent, compared to June 2022 and improved 1.5 percent on the two-year difference.”
Dyer added: “Silver and alternative metals jewelry sales dollars were down eight percent compared with June 2022 and improved by 1.1 percent on the two-year comparison to 2021.”
In more positive news, the pattern in laybys increased by 14 percent in dollar terms between new orders and pickups or cancellations.
The pattern in services, such as repairs, was a 24% decline in dollar values between new incoming orders and pickups or cancellations.
“This is the fifth consecutive month of double-digit negative movement in this area. An entrenched consumer pattern that may need more than a small shift in consumer sentiment to flip the switch from off to on,” Dyer said.
“This is not to say you should sit back and accept what is happening but make some noise about your services, skills and expertise. Repairs are still being done, you just may need to make an effort to get, or keep, your share and maybe someone else’s.”
Special order numbers improved significantly (29 percent) in dollar terms.
2023 Jewelery Retail Sales June Results
Charts published with permission courtesy of Retail Edge
The charts below are based on data collected via Retail Edge POS software
at more than 400 independent Australian jewelery stores.
More reading
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