Despite unprecedented, pandemic-related retail challenges, according to a recent survey conducted on behalf of Silver Promotion Service (SPS), 42% of American retailer respondents reported an increase in silver jewellery sales and of those, 52% reported double-digit sales increases.
This marks the 12th consecutive year of confirmed silver jewellery sales growth. Survey results also confirmed silver as a top performing category for fine jewellery retailers, driving sales and maintaining margin, especially during the holiday selling season.
Additionally, 89% of retailers expressed optimism that their silver jewellery sales will continue to grow over the next several years.
Surveyed retailers reported their silver jewellery sales, as a percentage of their overall jewellery sales, averaged 34% of their unit volume and 27% of their dollar volume. The age group buying the most silver jewellery is 20-40 according to 51% of the retailers.
SPS Director Michael Barlerin said, “The Silver Promotion Service is pleased that silver jewellery continues to grow in importance for American jewellery retailers, maintaining double-digit sales increases and strong margins, despite the challenges related to the COVID-19 pandemic. We are also excited by the robust expression of optimism for silver jewellery’s continued future growth.”
The research, conducted by InStore, was fielded in February 2021, marking the 12th consecutive year that SPS has commissioned such a survey.