Silver jewellery now accounts for 37 percent of unit sales and 27 percent of dollar sales for jewellery retailers in the US, according to the Silver Promotion Service’s 3rd Annual Silver Jewellery Sales Survey.
Other key findings in the online survey of jewellery retailers representing “1800 doors” with an average annual turnover of US$1,379,000 included:
♦ 77 percent of the jewellery retailers’ silver jewellery sales increased in 2011 while 14 percent of the retailers’ sales remained the same and 9 percent of the retailers’ sales decreased.
♦ 48 percent of the retailers’ silver jewellery sales increased between 11 and 25 percent in 2011 while 27 percent of the retailers’ sales increased by over 25 percent.
♦ 73 percent of the retailers’ silver jewellery sales were greater in the 2011 holiday season than in the 2010 holiday season, five percent were the same and 12 percent were less.
Silver Institute executive director Michael DiRienzo said that although the institute was obviously aware of silver jewellery’s sales strength on an anecdotal basis it was “extremely gratifying” to have it quantified by the survey.
SPS director Michael Barlerin added: “The fact that this is the third year the survey has showed such results has long-term implications for the industry”.
“With 93 percent of the retailers saying they are optimistic that the current sales boom will continue, their opinion reinforces what I have said at various industry events and meetings, a ‘sea change’ has definitely occurred for silver jewellery.”
Other survey findings include:
♦ The two best price points where retailers are experiencing the greatest amount of sales in silver jewellery are less than US$100 (51 percent) and US$100-$500 (40 percent).
♦ 57 percent of the retailers said the age group buying the most silver jewellery is 20-40-year-olds while 22 percent said it is 41-50-year-olds.
♦ 50 percent of the retailers said the best selling opportunity with silver is ‘female self-purchase’ while 26 percent said it is ‘gifting’.
♦ 93 percent of the retailers said they are optimistic that the current silver boom will continue for the next several years.