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The Centurion Holiday Sales Success Index, Second Full Week: The Gains Are Coming, But It Takes Work | December 16, 2015 (0 comments)
Merrick, NY—At the halfway point, the holiday season for prestige jewelers surveyed by The Centurion is shaping up like a tough day at the gym: the workout is taxing and the gains are hard-won, but those who push through are being rewarded for their efforts.
More than half the respondents to The Centurion’s confidential spot-check survey of sales for the second full week of the holiday season report their business is up over last year, and the majority of those (26%) say it’s up quite a lot—by more than 10%. 18% have reported gains between 6% and 10%, while about 13% reported modest gains of 1% to 5%.
But 41% of respondents say the second full week of sales this year was not as strong as the same period last year—and again, of those, the majority (23%) reported fairly big dips. About 15% of respondents had a slight dip for the second week this year, between 1% and 5% lower than the same week last year.
A jeweler in Iowa wrote, “It's been hot and cold from Thanksgiving on—very busy one day and quiet the next. The University of Iowa is going to the Rose Bowl and that always makes for schizophrenic holiday business. History tells us we will be off, but we are solidly ahead of last year as of the 15th. The next fifteen days will tell, though, and it could go either way. We're doing more calling of clients and innovative contact than ever and it's working!”
How Was Your Business For The Second Full Week of The Holiday Season, December 7-14?
Successful jewelers can’t wait for customers to wander in this year. Those who are doing well are pulling out the stops for creative promotions. “We had breakfast for 10 top couples with the store closed, to show them new designs. It worked!” said one.
A Seattle jeweler reported seeing clients they haven’t seen in years—and those clients are ready to spend big. Another store, in Illinois, reported the first week of the season was up 50% over last year.
Among jewelers experiencing a downturn, external forces and those impacting local economies were blamed. “Oil at $35 a barrel equals scared and hesitant shoppers,” wrote one Texas jeweler. “Oil prices, commodity prices, stock prices,” bemoaned another.
What’s moving this year?
Not surprisingly, diamonds (both branded and non) and Rolex were cited most often. Other designer and brand names called out were David Yurman, Hearts On Fire, John Hardy, Lecil Henderson, John Hardy, Roberto Coin, Vahan, and Simon G. Many jewelers also reported strong business in affordable silver lines like Belle Étoile, Alor, and Thistle & Bee. And about one-fifth of respondents said their business was a classic barbell: clustered at high and low ends. As one put it, “Custom and clearance! Nothing in between.”
But large diamonds always have an audience. One Midwest jeweler said his most popular price point for diamond jewelry was $2,000 to $2,900; loose diamonds for engagement rings or other pieces came in between $8,000 and $12,000, and big diamond sales have ranged between $45,000 and $125,000 so far. Another Midwest store, however, said engagement rings are more modest—between $2,000 and $5,000, and diamond stud earrings also are selling better in modest sizes that cost between $500 and $2,500.
Overall, respondents reported strong sales in the $2,000 to $7,000 range, with an emphasis on $3,500 to $5,000.
Top image: Fitnessandfreebies.com