David Brown

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

Published

16 years ago

May 1, 2009

David Brown Instore May 2009 Issue

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

THE 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.

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:

Drum it into your staff that people are still buying jewelry.
Don’t stop replacing expensive items.
Buy up. The average value of your stockholding should be 20 percent higher than your average sale.
Keep the margins up. Don’t reduce your starting prices.

This story is from the May 2009 edition of INSTORE.

Related Topics: David Brown

David Brown

David Brown is the president of Edge Retail Academy, a leading jewelry business consulting and data aggregation firm that provides expert business improvement plans to help with all facets of your business, including improved financials, healthier inventory, sales growth, increased staff performance, recruiting and retirement/succession planning, all custom-tailored to your store’s needs. They offer Edge Pulse to better understand critical sales and inventory data, to improve business profitability, benchmark your store against 1,200-plus other Edge Users, and ensure you stay on top of market trends with their $3 billion-plus of industry sales data. Contact (877) 569.8657, ext. 001, Inquiries@EdgeRetailAcademy.com or EdgeRetailAcademy.com.

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