Retail Edge’s latest analysis of sales performance in Australian independent jewelery stores has revealed positive trends in February.
In terms of data January was curiousas a decline in comparative average sales was paired with an increase in overall sales dollar performance.
February’s eagerly anticipated data shows comparative overall sales dollar performance finished in positive territory with an increase of 1.6 percent compared with 2022 and 7 percent on the two-year difference.
Meanwhile, comparative units sold showed a decline of 3.7 per cent compared with 2022 and a decrease of 6 per cent on the two-year difference.
Comparative average sales in inventory recovered with a 6 percent increase, reaching $220 from $207. The difference was more profound on the two-year comparison, increasing by 16 per cent.
Retail Edge sales manager Mike Dyer said that data from specific categories were particularly noteworthy.
“Looking at the performance across product categories, the drill down into the diamond-set precious metal jewelery section shows sales dollars numbers were down 21 per cent compared with February 2022 and 23 per cent on the two-year difference to February 2021,” Dyer explains.
“Gemstone-set precious metal jewelery shows sales dollars were down 5 per cent compared with February 2022 and 1.1 per cent on the two-year comparison. Precious metal jewelry shows sales dollars were up at 13 percent compared with 2022 and increased 21 percent on the 2-year difference.”
Meanwhile, silver and alternative metals jewelry sales dollars increased 4.3 percent compared with 2022 and improved 22 percent on the two-year comparison.
The pattern in laybys was flat with no difference in dollar terms between new orders and pickups or cancellations.
The pattern in services such as repairs demonstrated a decrease of 20.5 percent in dollar values between new orders and pickups or cancellations.
“Maybe it’s just a catch-up and your repair box is looking a little more manageable and some of those pre-Christmas or January intakes are finally being collected,” Dyer said.
“If your repair box looks like it has a little more space than usual it may be time to chase up the outstanding quotes that haven’t been confirmed yet and lift the marketing exposure of your services expertise to lift the volume of new intakes.”
He adds: “Remember it’s not just about the repair job, it’s also the traffic flow and the opportunity to strengthen the customer relationship as well as sell the product.”
Special orders data likewise showed a flat month with no difference in dollar terms between new orders and pick ups or cancellations.
Retail Edge’s analysis is based on data collected from POS software located in more than 400 independent jewelry stores.
2023 Jewelery Retail Sales February 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.
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