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Big Survey

2021 Big Survey: Pandemic Made Most Jewelers ‘Stronger’

Nearly 60 percent of jewelers said that the pandemic made them “stronger,” according to the INSTORE 2021 Big Survey.




Bigger (it was an opportunity to expand)
Stronger/more resilient (more efficient, less indebted, etc.)
Just different. We reinvented ourselves.
Just the same. Nothing changed really.

MOST JEWELERS SAID that over the past year of lockdowns and stay-at-home retail sentiment their businesses had become “more resilient,” “more efficient” and “less indebted etc,” although around 29 percent conceded that government relief programs were “the main thing” that helped them get through the pandemic.Support from the local community (18.95%) figured high amongst jewelers as the main source of support over the past year, as did cost cutting (10.08%) and personal savings (8.27%).Echoing many respondents, one jeweler said, “We were able to do more with less time … [which] made us stronger.” Another said the key to getting ahead was to “work smarter not harder … [and be] open to new ways of doing things.”Many respondents said that shortening hours or even restricting business to appointments had made their businesses leaner.“I cut down my hours to two days a week—Mondays 10 a.m. to 3 p.m. and Fridays 10 a.m. – 5 p.m. – which allows flexibility for buying and appointments,” said one jeweler, who added: “I’m able to receive repairs on Monday and pick-ups on Friday.”Other Big Survey respondents said that reduced instore hours equaled better quality living—without any downside to business.“We began delivering in town to customers who could not make it in during our modified store hours,” said one respondent. “We were in store less, with our families more, and doing more business.”



It’s Going to Set Us Up Very Nicely for Retirement

You’ve worked hard all your life. And if you’re like most jewelers contemplating retirement, you’re hoping that your going-out-of-business sale will add to your nest egg — with minimal complications. That’s exactly what Doug and Jacki Friedrich, fourth-generation owners of Friedrich Jewelers Inc., of Vernon, Conn., experienced when they selected Wilkerson to run their sale. “Jewelers who are contemplating a sale should go with Wilkerson because of their experience,” says Doug. And with financial goals “exceeding expectations,” the couple can now focus on enjoying the next chapter of their lives. “It’s going to set us up very nicely for retirement,” says Jacki. “The money’s coming in and we have no complaints. It’s been wonderful.”

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