Retail Edge has released the sales performance report for July, revealing significant positive indicators for domestic retailers.
The performance report shows that comparative overall sales dollars increased by 28 per cent compared with July of 2021 and 11 per cent compared with July of 2020.
Comparative units sold show an increase of 23 per cent compared with 2021 but decreased by 8 per cent compared with 2020.
Comparative average sales (inventory only) was flat (0.8 per cent) compared with 2021, however, were notably stronger than 2020 (up to $216 from $178).
According to Retail Edge sales manager Mike Dyer context is important when reflecting on these positive figures.
“Remember when reviewing the numbers to take into account that July, August and September 2021 and 2020 were impacted by lockdowns,” he said.
“That will have had an influence on the growth numbers.
He added: “There were good results across the product categories. The drill down into the sales dollar numbers shows diamond-set precious metal jewelry was up 1.8 per cent compared with July 2021 and 2.3 per cent on the two-year difference to July 2020.”
The analysis reveals that colored stone set precious metal jewelry sales dollars increased a strong 35 per cent compared with July 2021.
No stone precious metal jewelry sales dollars were strong with a climb of 29 per cent compared with July 2021.
Silver and alternative metals jewelry sales dollars were also strong with a 37 per cent increase compared to July 2021.
Laybys showed an increase of 4 per cent in dollars between new ones and pickups and cancellations.
“This continues to indicate good cash flow and customer visitations as a result,” explains Dyer.
“For the second consecutive month, it also indicates that consumers may be planning and budgeting their jewelry purchases.”
In services, such as repairs, a reverse pattern was seen with a decrease of 24 per cent in dollar values between incoming and pickups and cancellations.
The special order numbers show a similar pattern to laybys with an increase of 4 per cent in dollar values between incoming and pickups and cancellations.
“If this pattern is also reflected in your business, it may be time to make some marketing noise around the services area of your business,” Dyer said.
“Services and repairs are an area of expertise and knowledge, that not all stores provide.
“A well-managed service area can be a good profit centre, as well as bringing your skill, knowledge and expertise into customer focus to give them confidence in dealing with you.
He continued: “Review the special order area in your business, it may be that this is an early warning of new ‘look and feel’ in designs coming into demand, or conversely, a delay in the supply chain.
“Both could be addressed, face-to-face with suppliers, at the upcoming International Jewelery Fair and buying group meetings.”
Retail Edge’s data is gathered from POS software located in more than 400 Australian independent retail jewelry stores. It is intended to present a representative sample of the wider jewelry industry.
2022 Jewelery Retail Sales July 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 jewelry stores.
More reading
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Jewelers see mixed sales results for May
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Positive signs continue in March for jewelers
February jewelry sales remains strong after the holiday rush
January jewelery sales shows interesting trends
