POLITICS

It’s been called the era of outrage. And sure enough, jewelers are finding themselves getting irked more often. Whether it starts with the political issues, or with the political parties themselves, or is just being inflamed by the social media, we won’t conjecture. What’s clear is that many jewelers are angry. Here we look at who in particular is angry and the business and personal issues most on the minds of jewelers.

40. How much do you think the outcome of next year’s elections will affect your personal economic situation?

41. Have the policies of the Trump administration …

42-43. Which of these political or social issues do you see impacting your business (red) or you personally (blue) in the most in the next couple of years?

44. Do you find yourself getting ticked off more often about society and life in general than you used to?

RECESSION

Based on their thousands of years of cumulative business experience, we thought our readers would likely know something about the prospects for the economy next year and what to look out for. Here are their thoughts distilled, along with a glimpse at their readiness.

45. From your experience as a business owner, what are the indicators that suggest tough times may lie ahead in your local market?

• More people looking to sell gold or old jewelry
• Smaller average tickets/fewer big sales/falling sales
• Smaller engagement ring sizes
• Signs of local economic contraction (less building, job losses, less hiring, store closings, poor farm prices, etc.)
• Slowing foot traffic
• More requests for financing
• More people asking for remounts
• A pending election
• Increased competition from smaller discretionary items like guns
• Rising gold prices
• Oil dropping below $40
• More people asking about alternatives such as lab-grown diamonds or Moissonite
• More homelessness/crime
• Shoppers’ general demeanor/Less fine jewelry being worn
• Increased demand for repairs/Repair quotes being declined
• More volatile sales figures
• Negative street talk/stock market talk
• More returns
• More people paying with cash
• Simpler styles (less melee)

Warning signs, in jewelers’ words:

• “Historically, our custom market has increased during a recession. Grandma’s diamond suddenly looks wonderful if it’s free, and we can set it into something fresh and current.”
• “Folks living in big houses with little to no furniture.”
• “Less need for a diamond purchase to go over 1.5 carat.”
• “When the number of sales goes up, and the dollar amount of each sale goes down.”
• “People are unsure of the future and the next election, so they hold onto their money tighter.”
• “Sales are gradually, but consistently slowing. Stones and jewelry are not necessities for people. When money becomes tighter, or people get scared about finances, they don’t purchase stones and jewelry.”
• “More questions about moissanite.”
• “The big spenders are buying smaller.”
• “Here in our resort town, the ladies are only carrying ice-cream or coffee instead of the shopping bags they would normally have.”
• “People selling vacation homes.”
• “I see fewer people in local restaurants on Friday nights. “
• “Rolex sales dropping.”
• “Greater request for financing and the inability to get the customer approved.”
• “The general ‘atmosphere’ in regards to customers reeks of underlying tension. No one is really speaking about it, but everyone is worried about the economy and the unrest among citizens.”
• “Paying with cash indicates customers are concerned about debt and are less likely to spend significant amounts of money on jewelry. “
• “Our local economy has a history of rises and falls. It has been 10 years since we have had a downturn, which is about the average cycle. I am expecting somewhat of a downturn based upon historical experience of 47 years doing business in my area.”
• “We are in a more cushioned area so no outward indicators so far, but my husband’s industry runs natural gas across the USA and there is little expansion. That is an economic indicator that makes me wary.”

46. According to a recent Bloomberg survey of professional economists, there’s a 32% chance of the economy contracting next year. Based on your experience and your current sales what chance do you see the country falling into a recession?

47. STRESS TEST: How would you assess the strength of your business right now?

48. What will be your greatest priority next year?

49. How do you now think of the 2008 recession?