NEW YORK, April 14, 2020 /PRNewswire/ -- Silver jewelry sales in the United States were strong in 2019 with 59% of jewelry retailers again 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 2019 survey include:
- 55% said silver jewelry experienced the best inventory turnover rate in 2019; 22% said diamonds; 13% said gold and 10% bridal.
- Retailers said their silver jewelry sales, as a percentage of their overall jewelry sales, were on average 29% of their unit volume and 21% of their dollar volume.
- The average store growth in 2019 for silver jewelry sales was 12%.
- 54% of retailers said that they increased their silver jewelry inventory in 2019.
- The best-maintained margins during the Holiday Season were:
- Silver Jewelry 54%
- Diamond Jewelry 16%
- Bridal Jewelry 14%
- Gold Jewelry 12%
- Platinum Jewelry 4%
- The age group buying the most silver jewelry is 20-40 according to 63% of the retailers.
- 91% of retailers say they are optimistic that silver jewelry sales will continue to grow.
SPS Director Michael Barlerin commented, "The Silver Promotion Service is gratified by what the survey demonstrated. We are also enthused that the optimism for silver's ongoing performance remains so strong and has continued for so many years." The survey, conducted by INSTORE, was fielded in February this year. This was the 11th consecutive year that SPS has commissioned such a survey.
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.
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.
SOURCE Silver Promotion Service