Publicly Held Jewelers Experienced Decline In Holiday Sales in 2008
Steady monthly sales figures for specialty jewelers was only observed just for couple of decades. In 2008, the awful November-December holiday selling period for jewelry occurred after it was observed in 2001, when sales were declined by 6 percent. Preliminary numbers for November reveal that specialty jewelers’ sales in the U.S. market decreased by 16 percent and many predictors expected December to be slightly worse.
The 2008 holiday jewelry sales of publicly held jewelers were, Tiffany US recorded 35% decline in sales, Mayor US recorded 31% decline in sales, Online sales declined by 24%, Finlay sales declined by 20.8%, Zale recorded 19.16% decline in sales, Sterling recorded 16.4% decline in sales.
Upper-end jewelers like Tiffany and Birks & Mayors recorded less sales than mass market jewelers. Moreover, sales at Sterling’s top Jared stores were lesser than at its mass market Kay stores. Shoppers contracted down, which generally happens in a recessionary period. The average ticket decreased, sometimes significantly, for jewelers.