Silver jewellery drives sales for US retailers
US jewellery retailers said strong demand for silver jewellery pushed sales and profit margins higher in 2022 from 2021, demonstrating silver jewellery’s rising consumer appeal.
A survey commissioned by the Silver Institute showed that silver jewellery delivered robust results for US retailers, with 52 per cent reporting increased sales. In addition, silver jewellery continues to be a leading merchandise category for retailers, driving profit margins.
“We are encouraged that silver jewellery purchases and overall optimism for silver’s ongoing performance in the US retail jewellery sector remain so strong,” stated Michael DiRienzo, executive director of the Silver Institute.
According to the institute, retailers and consumers favour silver jewellery because of its beauty, lustre, design options and affordability.
The survey further revealed that 61 per cent of retailers increased their silver jewellery inventory in 2022 by an average of 21 per cent. It also indicated that 51 per cent viewed silver jewellery as essential to their business while 27 per cent said it is important.
Retailers likewise disclosed that their silver jewellery sales, as a percentage of their overall jewellery sales, averaged 28 per cent of their unit volume and 19 per cent of their dollar volume. The average store growth in 2022 for silver jewellery sales was 14 per cent.
The best-maintained margins during the holiday season were: Silver jewellery (38 per cent); diamond jewellery (21 per cent); bridal jewellery (21 per cent); gold jewellery (18 per cent); and platinum jewellery (2 per cent).
Those buying the most silver jewellery are aged between 20 years old and 40 years old, according to 52 per cent of the retailers. Survey participants were also upbeat about prospects in the silver jewellery trade, with 88 per cent saying that they are optimistic that silver jewellery sales will continue to grow for the next several years.
The survey was conducted online by The Jewelers Collective (TJC) from February 9 to March 8, 2023.