Silver Promotion Service Survey Shows 10th Consecutive Year of Silver Jewelry Sales Growth
Silver Jewelry Boom Continued for 2018, with Majority of Retailers Reporting Double Digit Year-Over-Year Sales Increases, High Product Turn Rates and Optimism for Future Growth
Younger Consumers Proved to be Key Demographic with Gifting and Female Self-Purchase as the Best Selling Opportunities
NEW YORK, March 19, 2019 /PRNewswire/ -- Silver jewelry sales in the United States were strong in 2018 with 52% of jewelry retailers reporting increased sales according to a survey conducted on behalf of the Silver Institute's Silver Promotion Service (SPS). The results also confirmed that silver jewelry continues to be a leading merchandise category for retailers, both in driving sales and providing margin.
Highlights from the 2018 survey include:
- The average store growth in 2018 for silver jewelry sales was 16%.
- Retailers said their silver jewelry sales, as a percentage of their overall jewelry sales, were on average 24% of their unit volume and 18% of their dollar volume.
- 51% said silver experienced the best inventory turnover rate in 2018; 12% said diamond; 14% said bridal and 12% gold.
- The best maintained margins during the Holiday Season were:
- Silver Jewelry 40%
- Diamond Jewelry 23%
- Bridal Jewelry 17%
- Gold Jewelry 15%
- Platinum Jewelry 5%
- 84% of retailers say they are optimistic that silver jewelry sales will continue to grow.
SPS Director Michael Barlerin commented, "The Silver Promotion Service is obviously gratified by what the survey demonstrated. We are also enthused that the optimism for silver's ongoing performance remains so strong." The survey, conducted by INSTORE, was fielded in February this year. This was the tenth consecutive year that SPS has commissioned such a survey.
The Silver Institute is a nonprofit international industry association headquartered in Washington, D.C. Established in 1971, the Institute's members include leading silver producers, prominent silver refiners, manufacturers and dealers. The Institute serves as the industry's voice in increasing public understanding of the value and the many uses of silver. For more information on the Silver Institute, or silver in general, please visit: www.silverinstitute.org.
The Silver Promotion Service was introduced in 2008 by the Washington DC based Silver Institute. The objective of the SPS is to develop and implement programs designed to enhance the image of and stimulate demand for silver jewelry in major international markets. For more information on the SPS, please visit: www.savorsilver.com.
SOURCE Silver Promotion Service
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