Jewelry sales can be described as one of the categories that have been hit hardest during the epidemic. Data from the NPD Group shows that from March to October this year, jewelry sales fell by about 30% year-on-year. However, in recent months, the sales of jewellery has rebounded. The holiday peak season is a turning point for the jewelry industry. With this opportunity, jewellery is expected to turn things around, and counterattack has become the dark horse of the peak season.
Holiday ushered in a new opportunity
It is reported that at the stage of the outbreak, mining companies suspended operations, supply chains have dried up, and jewelry stores around the world have closed one after another. According to some reports, at the most severe stage of the epidemic, numerous engagements and weddings have been postponed, and jewelry sales have plummeted by as much as 82%.
During the epidemic, most Americans work at home and rarely attend parties or gatherings that require costumes, and there is less demand for bracelets, necklaces and other jewelry. A poll conducted by the NPD of 1,000 people in the United States in September showed that 54% of consumers said they missed the days of dressing up at work, special occasions and social events.
NPD fashion analyst Beth Goldstein said that the holidays may give jewelers a chance to get back on track. According to NPD's historical data, one-third of annual jewelry sales usually occur in November and December.
As people are tired of home sports pants, refreshing jewelry has become a new trend popular among people during holidays. In addition, people are more willing to choose gifts with personalized meaning during holidays, and lettering on rings or other jewelry is all the rage.
Online jewelry sales are booming
The epidemic's restrictions on people's social distance have made the jewelry sales business of offline stores more online, and this will be an irreversible trend. According to statistics, millions of consumers are buying jewelry online for the first time this year.
It is reported that the same-store sales of Signet Jewelry fell by 31.3% in the second quarter, roughly in line with industry trends. But Drosos, CEO of Signet, said that with the reopening of stores and more and more people buying jewelry online, sales have rebounded again. She also said that the number of e-commerce orders completed by the company has increased five times compared with last year.
In Signet Jewelry's retail chain, more than 300 employees have been trained to become online virtual jewelry consultants. They can help the couple choose an engagement ring or guide the couple to choose a special gift without the need for these customers to walk into the store.
In addition, jewelry products are very suitable for e-commerce because they are light in weight, easy to store and transport, have many variations, and can be customized.
The epidemic has prompted a huge leap in online jewelry sales. Although jewelry sales in the first half of the year were relatively weak, the current peak season is approaching, which will be a perfect opportunity. In this hot holiday season, jewelry sales are very likely to take the opportunity to counterattack as a dark horse and reverse the previous situation.
