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

4 months 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.

Late Rush of Shoppers Brings Cheer to Jewelers

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.

Late Rush of Shoppers Brings Cheer to Jewelers

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.

Late Rush of Shoppers Brings Cheer to Jewelers

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

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”