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By The Numbers: The Consumers Aren’t Buying Jewelry Myth

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[h3]The Consumers Aren’t Buying Jewelry Myth[/h3]

By The Numbers: The Consumers Aren’t Buying Jewelry Myth

[dropcap cap=T]he chart above shows 12-month rolling averages for the number of items the average store in our survey sold and also the average ticket for the same period.[/dropcap]

What’s amazing is that jewelers are selling as many pieces as ever, just at lower prices. The question then is whether customers are buying cheaper pieces because they have less spending power or because sales staff are directing them to lower-priced goods.

To ensure the recession isn’t a self-fulfilling prophecy in your store:

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[dropcap cap=1.] Drum it into your staff that people are still buying jewelry.[/dropcap]
[dropcap cap=2.] Don’t stop replacing expensive items.[/dropcap]
[dropcap cap=3.] Buy up. The average value of your stockholding should be 20 percent higher than your average sale.[/dropcap]
[dropcap cap=4.] Keep the margins up. Don’t reduce your starting prices.[/dropcap]

By The Numbers: The Consumers Aren’t Buying Jewelry Myth


David Brown is president of the Edge Retail Academy, an organization devoted to the ongoing measurement and growth of jewelry store performance and profitability. You can contact him at [email protected].

[span class=note]This story is from the May 2009 edition of INSTORE[/span]

If you’d like to contribute your own data and receive a personalized KPI report each month, call (877) 910-3343 or e-mail: [email protected].

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SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

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David Brown

By The Numbers: The Consumers Aren’t Buying Jewelry Myth

Published

on

{loadposition davidbrownheader}

[h3]The Consumers Aren’t Buying Jewelry Myth[/h3]

By The Numbers: The Consumers Aren’t Buying Jewelry Myth

[dropcap cap=T]he chart above shows 12-month rolling averages for the number of items the average store in our survey sold and also the average ticket for the same period.[/dropcap]

What’s amazing is that jewelers are selling as many pieces as ever, just at lower prices. The question then is whether customers are buying cheaper pieces because they have less spending power or because sales staff are directing them to lower-priced goods.

Advertisement

To ensure the recession isn’t a self-fulfilling prophecy in your store:

[dropcap cap=1.] Drum it into your staff that people are still buying jewelry.[/dropcap]
[dropcap cap=2.] Don’t stop replacing expensive items.[/dropcap]
[dropcap cap=3.] Buy up. The average value of your stockholding should be 20 percent higher than your average sale.[/dropcap]
[dropcap cap=4.] Keep the margins up. Don’t reduce your starting prices.[/dropcap]

By The Numbers: The Consumers Aren’t Buying Jewelry Myth


David Brown is president of the Edge Retail Academy, an organization devoted to the ongoing measurement and growth of jewelry store performance and profitability. You can contact him at [email protected].

[span class=note]This story is from the May 2009 edition of INSTORE[/span]

If you’d like to contribute your own data and receive a personalized KPI report each month, call (877) 910-3343 or e-mail: [email protected].

Advertisement

{loadposition xtra-browncolumn}

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

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