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

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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:

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

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

This story is from the May 2009 edition of INSTORE.

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SPONSORED VIDEO

Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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