Australian jewellery sales saw mixed results across product categories in June with the performance roundup to the end of the financial year influenced by impacts of the COVID-19 pandemic and weather events, according to the latest Retail Edge Consultant’s market report.
Comparative sales dollars slightly increased by 1.9 per cent in June compared with the same period last year but marked a significant increase by 19 per cent based when compared to June 2020.
An increase of 3.5 per cent was noted for comparative units sold when measured against June 2021, but revealed a decline of 6 per cent when compared with June 2020.
Mike Dyer, sales manager, Retail Edge said, “The end of the financial year and the start of the climb to Christmas all encompassed in the simple flip of a page on a calendar.”
He stressed that planning for the new financial year “has taken on an even greater importance” as the latest data revealed mixed results and “point towards the [end of financial year] sales maybe having a greater influence than at the same time last year.”
Comparative average sales based on inventory dropped by 2.6 per cent ($214) when compared with the same period last year ($219) but marked a strong 26 per cent increase from $169 when measured against June 2020.
Diamond set precious jewellery sales declined by 15 per cent compared with June 2021 but indicated an 8 per cent increase based on a two-year difference.
Other categories also increased; colour stone set precious jewellery rose by 13 per cent when measured against last year, but revealed a strong 43 per cent increase compared with June 2020, while non-stone precious jewellery saw a slight increase of 1.2 per cent compared with June 2021 but marked a significant rise of 22 per cent when measured against June 2020.
Silver and alternative metal jewellery also performed well with an increase of 11 per cent and a strong 39 per cent based on a two-year difference.
Sales dollars for laybys for new pieces and pickups/cancellations rose by 15 per cent, which points to increased cashflow and customer traffic, as well as consumers carefully “planning and budgeting their jewellery purchases.”
However, sales dollars for services/repairs declined by 27 per cent between new (incoming) pieces and pickups/cancellations. A similar downtrend was seen for special orders which dropped by 8 per cent between new pieces and pickups/cancellations.
Dyer noted that the decline in services and special orders should draw attention to marketing and social media campaigns for those segments to perform better.
“When looking at your 12-month planning, remember to review suppliers as well as product categories. As consumer product acceptance shifts, you need to understand and adapt to maintain market relevance,” he added.
Retail Edge’s data is gathered from its POS software across more than 400 Australian independent retail jewellery stores. It is intended to present a representative sample of the wider jewellery industry.
2022 Jewellery Retail Sales June Results
Charts published with permission courtesy of Retail Edge
The charts below are based on data collected via Retail Edge POS software
at more than 400 independent Australian jewellery stores.
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