MANY JEWELRY STORE owners are making more money than ever, with almost one in three taking home $150,000 or more a year. But, according to the 2023 INSTORE Big Survey, they are also working harder than ever. Sixty-four percent said their main strategy to cope with the current tight labor market and staff shortages was to do more of the work themselves.
Overall, jewelers earned a little more in the last year compared to the previous 12-month period. While the share of those earning more than $100,000 remained unchanged at 51%, those taking home more than $150,000 increased from 28% to 31%, or almost one in three.
The biggest earners were:
- The owners of pure jewelry retailers (31% of these owners made >$250K) as opposed to full-service jewelers or custom shops
- Those located in medium-sized cities (24% of whom made >$250K)
- Male. Men accounted for 82% of the very top earners, while making up 56% of our survey base. That is more or less the same level as five years ago, but women are making progress: This year, more than a third of the women respondents, or 36%, reported making more than $100K in the last year. That’s up from just 23% in 2018.
The 2023 Big Survey was conducted via an anonymous online form from late August to early October, attracting more than 750 responses from American jewelry-store owners and managers. The full results will be published in the November edition of INSTORE.