Connect with us

Headlines

2018 Holiday Season So Far: Not Bad, Just Not Terrific

Many say the season is still in line with their expectations.

mm

Published

on

2018 Holiday Season So Far: Not Bad, Just Not Terrific

INDEPENDENT JEWELERS moderated their view of the 2018 holiday season in the last week, with more describing it as disappointing but fewer also saying it was either dismal or terrific. About one in three said it was still in line with their expectations.

HOW DO YOU RATE THE HOLIDAY SEASON SO FAR?
2018 Holiday Season So Far: Not Bad, Just Not Terrific

Jewelers had gone into the season with high hopes — our Jewelers Confidence Index reached a year’s high at the beginning of November — but with just over a week to go until Christmas Day, the most common description of the season was that it had failed to live up to its billing.

Smith and DeGroot Release ‘A Vendor Perspective’ Podcast Episode
Jimmy Degroot

Smith and DeGroot Release ‘A Vendor Perspective’ Podcast Episode

Video: Split Sales Require Effort
Jimmy Degroot

Video: Split Sales Require Effort

The Business of Jewelry Podcast Special Edition (Part 2)
Jimmy Degroot

The Business of Jewelry Podcast Special Edition (Part 2)

“Analysts were predicting a better holiday season this year than last. But sales are about the same, which is disappointing because we were expecting higher growth,” said Lyla Ismael of Lyla Jewelers, in Oak Lawn, IL.

Respondents blamed their slightly subdued sales so far on the stock market slump, politics, the prolonged holiday season following an early Thanksgiving, increased online competition, and the weather among other factors. Several admitted to being slightly bewildered by how things were turning out.

HOW IS THE CUSTOMER TRAFFIC COMPARED TO LAST YEAR?2018 Holiday Season So Far: Not Bad, Just Not Terrific

“Just surprised after a strong November that December could be so soft,” said Tom Duma, owner of Thom Duma Fine Jewelers in Warren, OH. “Not sure if it’s because of the General Motors closing plant announcement or Trump and his antics with a government shutdown, China trade deal, or the volatility in the stock market. I had high hopes for December but after 16 days I don’t see it coming back,” he said.

WHAT’S BEEN YOUR AVERAGE SALE SO FAR FOR THIS HOLIDAY PERIOD
2018 Holiday Season So Far: Not Bad, Just Not Terrific

Average ticket continued to be strong for most jewelers, with 35 percent of the survey respondents saying it was above $500 and 36 percent saying it was up over last year’s average sale.

Advertisement

Indeed, it was the loss of smaller ticket items that seemed to be hurting jewelers the most.

“Love those large-ticket items but I am really missing the $500-800 bread-and-butter items we have grown to expect to leave in droves. I hope I am proven wrong over the coming week,” said Denise Oros, owner of Linnea Jewelers in La Grange, IL.

David Abrams, of Grand Jewelers in Rancho Cucamonga, CA, said he believes the “$500 and under sales have migrated to the web,” suggesting jewelers face a tough time in winning them back.

HOW IS YOUR AVERAGE TICKET COMPARED TO LAST YEAR?
2018 Holiday Season So Far: Not Bad, Just Not Terrific

To be sure, the overall picture was not gloomy. Many jewelers reported strong sales and healthy margins and many were still hopeful there would be a late surge of buyers. More also seem to be realizing they need to tweak the way they do business in 2018.

“The dollars come later and later every year,” said Dennis Petimezas, of Watchmakers Diamonds & Jewelry, Johnstown, PA. “I finally got smart and reversed November/December marketing dollars. Majority advertising in December, minority in November. Sent ‘Free’ money ($50 and $100 bill images incorporated in body of letter) to be used as actual money in any way on merchandise in store to our top customers. It’s working!”

Our third 2018 holiday season was sent to INSTORE’s Brain Squad on Monday morning and answered by more than 135 jewelers across the country.

Advertisement

Advertisement

SPONSORED VIDEO

Retiring? Let Wilkerson Do the Heavy Lifting

Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift. To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular