Holiday Season Mini Survey

Late Rush of Shoppers Brings Cheer to Jewelers

Almost four in 10 beat last year’s historically strong numbers, INSTORE 2023 Holiday Season Survey finds.

Published

1 year ago

December 28, 2023

Chris Burslem

A SEASON THAT that started with much uncertainty and was slow to gather momentum ultimately delivered a nice dose of Christmas cheer for most independent jewelers, according to our final 2023 Holiday Season Mini Survey.

Almost half of the jewelers in our Brain Squad readers panel reported better-than-expected or “terrific” sales, while only 24% reported being disappointed. Even more surprisingly, almost four in 10 said they beat last year’s historically strong numbers.

“Wasn’t sure how the season was going to go with everything going on all over the world. December got off to a slow start but that changed about mid-month. Huge finish and lots of custom lined up for 2024,” said Susan Kauffman, owner of Black Dog Jewelers in Lewisburg, PA.

While last-minute spikes in sales seem to have become the norm in recent years, the 2023 holiday season was a strange and challenging one, according to several of the jewelers in our survey. Customers were hesitant to spend, in-store traffic slumped (57% of the jewelers reported that footfall was down on-year) but average ticket was up significantly, sales were dominated by the “bookends” – the low end ($250-$500) and the high end (above $1,500), and ongoing staff shortages caused problems for many store owners trying to provide a decent level of service.

The top sellers were also rather non-traditional. Just on a third of the jewelers in our survey listed lab-grown diamonds as their best-sellers. “The big sales never came, no mass buying of diamond studs, or larger lab grown studs. Best sellers in both were half to 2-carat. Natural bridal had little traction, almost everything engagement ring was lab — 2 to 4 carats,” noted
Tom Ozment of Fincher & Ozment Jewelers in Tuscaloosa, AL.

Other strong performing categories included tennis bracelets, custom and — repairs. “Why does everyone seen to decide they need their jewelry repaired the last two weeks before Christmas?” James Sickinger of Sickinger’s Jewelry in Lowell, IN, wanted to know.

With another holiday season in the bag, many of the jewelers were turning their attention to 2024, which promises to be another tricky year, not that too many expressed overwhelming concern.

“Locally, we had a tough economic year. That being said, I have noticed that when times are tough, love prevails at year’s end. We finished well because people needed to reward their loved ones for pinching pennies all year long. The economists always miss this,” said Bill Longnecker of Longnecker Jewelry in McCook, NE.

We can only agree. Wishing all our readers the best in business in 2024. Happy new year! – The INSTORE team

Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success

After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone. Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently. The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.