The most recent market analysis from Retail Edge has highlighted another excellent month of sales performance for Australian jewelery retailers.
Retail Edge’s data is gathered from POS software located in more than 400 independent jewelry retailers and in October, the report shows that comparative overall sales dollars increased by 22 per cent compared with 2021 and rose 11 per cent compared with 2020.
Comparative units sold shows an increase of 20 per cent compared with 2021 and a small drop of four per cent on the two-year comparison.
In terms of average sale October 2022 was a minor drop from $228 to $230 compared with 2021 while the two-year comparison shows a 17 per cent rise.
Retail Edge sales manager Mike Dyer once again cautioned against overwhelming enthusiasm following the analysis.
“As previously stated, when reviewing the numbers remember that July, August, September, and a large part of October 2021 and 2020 were impacted by lockdowns and so that will have had an influence on the growth numbers,” he said.
Dyer continued: “There were good results across the product categories. The drill down into the sales dollar numbers shows diamond set precious metal jewelry was up six per cent compared to October 2021 and nine per cent on the two-year difference to October 2020.”
Colored stone set precious metal jewelry sales dollars increased 28 per cent compared with October 2021. Silver and alternative metals jewelry sales dollars also found positive territory with a 31 per cent jump.
No stone precious metal jewelry sales dollars were also positive, recording a 26 per cent rise compared with 2021.
Dyer encouraged businesses to perform personal analysis in pursuit of improvement.
“Are you taking advantage of the strong consumer interest in these product areas? Do they feature in your windows and social media postings?” he said.
“Are you experiencing growth in this category, or are you leaving that to your competitors?
“Exploring these questions can only give you better insight into what is really happening in your business and the opportunity to maximize your results over the Christmas trading period.”
Meanwhile the pattern in layaways (laybys) demonstrates a rise of four per cent in dollars between new orders and pickups or cancellations.
Retail Edge advises this continues to indicate good cashflow and customer visitations and notes that for the fourth consecutive month it continues to suggest that consumers may be planning and budgeting their jewelry purchases.
“The pattern in services and repairs for the third consecutive month, shows the reverse pattern with a decrease of 18 per cent in dollar values between new [incoming] and pickups and cancellations,” Dyer said.
“If services are a good part of your business, and this pattern is also being reflected in your business, it strongly reinforces the need to lift the volume and frequency of your marketing noise around the services area of your business.”
Further, special order numbers show a resurgence with a 21 per cent increase in dollar values between new (incoming) orders and pickups or cancellations.
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