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Jewelry Retailers Enjoy Post-Lockdown Growth
Feb 3, 2021 8:40 AM
By Rapaport News
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RAPAPORT... Most US jewelers have recorded sales growth since stores reopened, supported by a shift toward e-commerce and strong bridal demand, according to a recent survey.
One-third of retailers said post-lockdown sales had been slightly higher than a year earlier, while a further 21% reported a “significant surge,” the poll found. Some 27% experienced lower sales, with 19% saying figures were roughly flat year on year.
“While this may reflect ‘pent-up’ demand when stores reopened, it is a good sign that some stores are actually able to increase sales in a highly volatile and uncertain environment,” according to the survey, which jewelry insurer BriteCo carried out in October and November. It released the results this week as a report entitled “Jewelers Going Digital,” which it produced in cooperation with trading platform Polygon and other industry players.
The study identified a clear advantage for digitally savvy companies, as 54% of respondents with an online presence reported a rise in e-commerce traffic during 2020. However, there is a sharp development gap, with 9% of companies not even possessing a website. Meanwhile, as during the 2008 recession, bridal was the least affected jewelry category, with 56% observing increases in engagement-ring purchases.
The results were based on around 200 responses to questionnaires, most of which were from independent jewelers in the US.
Image: Jewelry in a store. (Shutterstock)
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Tags:
Bridal, BriteCo, COVID-19, independent jewelers, jewelers, Jewelry, lockdown, Online, pandemic, Polygon, Rapaport News, retail, retailers, US
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