Jewellery retailers in the United States described strong silver jewellery sales last year, with 59% reporting increased sales in 2017, according to a survey commissioned by the Silver Institute, a non-profit international industry association headquartered in Washington, D.C. The results also showed that silver jewellery continues to be a leading merchandise category for retailers, especially in driving sales when compared to other precious metals.
The survey reported that the average store growth for silver jewellery sales was 17%. Retailers said their silver jewellery sales, as a percentage of their overall jewellery sales, were on average 36% of their unit volume and 29% of their dollar volume. Around 57% said silver experienced the best inventory turnover rate in 2017; 19% said diamond; bridal and gold each accounted for 12%.
The best maintained margins during the holiday season were: silver jewellery 51%, bridal jewellery 18%, diamond jewellery 15%, gold jewellery 13%, and platinum jewellery 3%.
The age group buying the most silver jewellery is 20-40, according to 47% of the retailers. The 41-50 age group was second. Retailers said the best-selling opportunity with silver is female self-purchase. And 93% of retailers say they are optimistic that silver jewellery sales will continue to grow.
The survey, conducted by Instore magazine, was fielded in January and February this year to a total of 25,000 e-subscribers, of which 97% are independent retailers. This was the ninth consecutive year that the Silver Institute has commissioned such a survey.
Silver Institute’s Silver Promotion Service director Michael Barlerin commented, “Among other positive factors leading to these results, there is a growing awareness within the industry that silver jewellery is the ultimate female selfpurchase product and retailers are increasingly promoting it accordingly.”