Connect with us

Big Survey

Half of Jewelers Made $100,000 or More in 2020

“Fewer store hours hasn’t hurt us.”

mm

Published

on

Half of Jewelers Made $100,000 or More in 2020

ACCORDING TO THE INSTORE 2021 Big Survey, 49 percent of jewelers earned $100,000 or more in 2020, with 12 percent of those earning more than $250,000.

That is up from 2019, when only around 35 percent of jewelers broke through six-figure earnings.

In another surprise INSTORE 2021 Big Survey result, sales improved for some 66 percent of jewelers during the lockdown year of the pandemic.

Advertisement

Jewelers said that customer and staff loyalty, community resiliency and adaptation to new conditions had all contributed to better-than-expected business results, while others said that the pandemic had forced changes that happened to be good for business.

“We lost customers, we lost staff … [but] we gained new customers and improved our mindset regarding discounting (which we basically stopped) and a few other things which unified us and made us stronger,” said one respondent.

“Fewer store hours hasn’t hurt us,” said another jeweler.

The 2021 Big Survey was carried out between August and September, attracting more than 600 anonymous responses from owners of independent jewelry stores across the United States and Canada. The full results will be published in the upcoming November issue of INSTORE.

Advertisement

SPONSORED VIDEO

Thinking of Liquidating? Wilkerson’s Got You Covered

Bil Holehan, the manager of Julianna’s Fine Jewelry in Corte Madera, Calif., decided to go on to the next chapter of his life when the store’s owner and namesake told him she was set to retire. Before they left, Holehan says they decided to liquidate some of the store’s aging inventory. They chose Wilkerson for the sale. Why? “Friends had done their sales with Wilkerson and they were very satisfied,” says Holehan. He’d enthusiastically recommend Wilkerson to anyone looking to stage a liquidation or going-out-of-business sale. “There were no surprises,” he says. “They were very professional in their assessment of our store, what we could expect from the sale and they were very detailed in their projections. They were pretty much on the money.”

Promoted Headlines

Most Popular