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Jewelry Market 2020Rebounding, Recovering and Re-openingWhen the pandemic emergency struck during March, jewelry was at the bottom of the list of “essential” merchandise, resulting in US jewelry store sales decreasing 41.9% from February’s total of $2.65 billion to March’s $1.54 billion.April was the bottom, with sales totaling a very dismal $470 million, a 69.5% decrease from March. The industry began to shine again during May, as stores reopened and total sales rebounded 227.7% to $1.54 billion, but that only equaled March’s sales.According to The Edge Retail Academy, independent jewelry retailers experienced a 2% YOY increase of their June 2020 sales, with strong performances from diamonds, increasing 12% YOY, and the average retail sale increasing 25% YOY, from $345 to $432.Jewelry Consumers’ In-Store Shopping Preferences During Pandemic, July 2020PreferencePercentPreferencePercentPrefer buying at brick-and-mortar stores59%All jewelry cleaned before handling53%Limited number of customers in store68%Customers must wear masks48%Hand sanitizer provided66%Screens to separate customers and sales associates42%Staff wearing face masks and gloves64%No safety measures4%JCK (DeBeers), July 2020Survival StrategiesSignet Jewelers announced during June 2020 it plans to close almost 400 of its 3,200 stores, and most will be in B- and C-class malls, another indication of the troubles plaguing the shopping mall industry.Other jewelry industry companies, such as Kendra Scott, have turned to advanced technologies. The brand now offers an AR tool on its Website, allowing customers to preview and try products online.Although an early July 2020 survey of independent jewelers from INSTORE found 90% said they were opened, a May 2020 survey revealed 74% of retailers said their businesses would transform because of the pandemic, and 20% of those said the changes will be significant.US May 2020 E-Commerce Sales Growth, by Retail CategoryCategoryMay 2020Prior 12 Months*CategoryMay 2020Prior 12 Months*Total e-commerce+93%+27%Electronics+9%+6%Home improvement+149%+29%Furniture-4%+2%Footwear+64%+10%Department stores-15%+2%Apparel+41%+12%Jewelry-33%-3%Auto parts+27%+10%Mastercard Services (Recovery Insights), June 2020*average2019: Some Industry Sectors Shine, Others Were DullAccording to US Census Bureau data, 2019 sales at jewelry stores totaled $32.22 billion, a negligible decrease of 0.04% from 2018’s $32.37 billion, but a significant decline compared to the 7.6% increase from 2017 to 2018.The Census Bureau also reported a 2.7% increase in jewelry store sales ($11.19 billion) during the critical fourth quarter while Mastercard SpendingPulse data (Nov. 1–Dec. 24) indicated a 2% YOY increase for total jewelry sales and a 9% increase for online sales.According to The Edge Retail Academy data, independent jewelry retailers’ total 2019 gross sales ($2 billion) increased 3.6%, including a 5% increase during Q4. The average retail sale increased 10% from $301 to $332.Independent Retailers’ 2019 Data, by Region and Selected Jewelry ItemsRegional Gross SalesPercentJewelry Items SalesPercentNortheast+1.2%Men’s watches+22%South+1.3%Diamond bracelets+17%Midwest+3.6%Loose diamonds+1.4%Southeast+4.4%West+5.0%National Jeweler (The Edge Retail Academy), February 2020Jewelry Consumer InsightsAccording to Provoke Insights’ June 2020 report, Luxury: Jewelry & the New Age of Shopping, 77% of consumers said they were wearing less jewelry, with Millennials first (81%), followed by Gen Xers (78%), Gen Zers (74%) and Baby Boomers (70%).The research also found 10% of consumers were much more/slightly more likely to purchase fine jewelry & watches online, with Millennials the largest age group at 18%, while 22% of consumers were much less/slightly less likely, with 29% of Gen Xers.Among the 27% of consumers who said they were “interested in scheduling an appointment to avoid other shoppers,” Gen Zers were the largest group at 49%. The same percentage (the largest) of Gen Zers were also “interested in attending virtual shopping events.”Consumers Who Plan to Shop at Luxury Retailers, by Generation, June 2020GenerationPlan to ShopShop MoreShop the SameShop LessGen Z83%16%37%47%Millennials71%13%47%40%Gen X63%10%41%51%Baby Boomers57%10%56%34%Provoke Insights, June 2020Millennials Are the Center of the TargetAccording to a January 2020 report, The Modern Millennial Jewelry Buyer, from Bread, an online customer-financing company for retailers, Millennials are the primary driver of diamond-purchases in the US.Although many Millennials (usually younger) are the majority of newlyweds, Millennials are buying jewelry for other purposes. The report’s survey found most of them first decide from which store they will buy jewelry, and then focus on a specific purchase.The research also revealed 59% of Millennials were unable to afford the jewelry item they selected and 69% were more likely to shop at a jeweler with an interest-free financing option, and 65% would spend more if they could finance their purchases.Millennials’ Jewelry Purchasing Insights, January 2020Top Reasons to Consider a Jewelry RetailerPercentTop Reasons to Consider DTC BrandsPercentWhere Most Learn About Jewelry RetailersPercentVariety of designs46%Unique designs24%Facebook49%Product guarantee41%Competitive price29%Instagram43%Inventory selection29%Product quality18%TV commercials40%Selection18%Online ads31%Bread, January 2020The Wedding MarketWeddingWire revealed in its 2020 Newlywed Report (based on more than 25,000 couples married during 2019) that 40% of them purchased a ring from a local retailer, 30% from a national chain and 10% from an online retailer.WeddingWire also reported the partner making the engagement proposal, on average, visited three retailers’ stores and inspected 15 different rings prior to choosing one.The Knot’s 2019 Jewelry & Engagement Study found 45% of engagement rings were designed with some custom options and, although diamonds are the still most popular stone (83%), such stones as moissanite and sapphire had increased in popularity, to 10%.Average Cost and Total Expenditures of Jewelry Items for 2019 WeddingsItemAvg. CostTotal SpentBracelet$175$96.41 MEarrings$152$137.34 MEngagement ring$3,380$6.78 BNecklace$201$141.74 MWedding ring/band for her$769$1.53 BWedding ring/band for him$454$950.46 MThe Wedding Report, February 2020More Valuable InsightsDeBeers has been conducting regular consumer surveys during the pandemic period, which reveal a number of interesting trends.Although many people had to stay home and/or work from home, the majority who are diamond jewelry owners said they continued to wear their diamond pieces because they always have.Consumers were certainly planning to buy holiday 2020 gifts, most of them (56%) thought that this year a meaningful gift with more long-lasting value was more important than practical, functional and fun gifts. Diamonds were still their #1 luxury gift.The surveyed consumers were also focused on buying the highest quality jewelry items they could afford, even if they bought fewer items (45%).As with many other retail sectors, these consumers trust local independent jewelers to provide them with the information they need to choose jewelry pieces wisely, and considered physical jewelry stores as safe places to shop, although most of them thought it was safer to shop online.ExJewel, “a tech-powered jewelry appraisal tool,” analyzed more than 5.24 million online data points and 35,000 jewelry products on its appraisal platform for its 2020 Conscious Jewelry Trends Report. Sustainability and environmental-consciousness are extremely important topics for young adults who, of course, buy most of the jewelry buyers today – and during many future decades. This trend is reflected in the 75% YOY increase for online searches of “ethical jewelry” and 83% YOY increase for lab-grown 10 Ethical Jewelry Brands and Emerging Sustainable Jewelry BrandsEthical Jewelry BrandsEmerging Sustainable Jewelry Brands#1: Tiffany & Co.#1: Bario Neal#2: Cartier#2: Persta#3: Louis Vuitton#3: JEM#4: Carat London#4: Sandy Leong#5: DeBeers#5: Mené#6: Graff#6: Monique Pean#7: Chopard#7: Luna & Rose#8: Bucellati#8: Accompany#9: Or do Monde#9: Anueva Jewelry#10: Swarovski#10: AurateExJewel, March 2020Sources: Edahn Golan Website, 7/20; National Jeweler Website, 7/20; JCK Website, 7/20; Retail Dive Website, 7/20; INSTORE Website, 7/20; Mastercard Services Website, 7/20; US Census Bureau Website, 7/20; Provoke Insights Website, 7/20; Bread Website, 7/20; The Wedding Report Website, 7/20; The Knot Worldwide Website, 7/20; WeddingWire Website, 7/20; The Wedding Report Website, 7/20; ExJewel Website, 7/20.Updated: July 2020? 2020 Media Group Online, Inc. 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