(PRESS RELEASE) NORWALK, CT – JCK released its 2020 State of the Jewelry Industry: COVID-19 Business Impact report, which surveyed jewelers before and during the pandemic, making it one of the premier resources for monitor industry response and outlook in a COVID-19 focused world. The results captured in the report show that the majority of jewelers remain optimistic about the future, with the JCK Jewelry Industry Confidence Index at 66%.
While JCK traditionally announces the State of the Jewelry Industry report at the JCK show in June, this year, Reed Exhibitions’ US COO Yancy Weinrich gave an overview at the JCK show. Virtual 2020 held in August. The report reveals an industry deeply challenged by the impacts of COVID-19 but typically resilient. The full report is available for purchase at lasvegas.jckonline.com/industrysurvey.
The report is an annual resource for jewelry companies to use and track forecast trends, current consumer behavior, and top-selling and losing categories of jewelry, as well as learn business tactics to take on the challenge.
In the 2020 report, some stars in the product category include: bespoke jewelry, with 38% of respondents saying sales of personalized jewelry were up from 2019; bridal, which is on the rise even during the pandemic, with 23% of respondents reporting increases; and colored stones, with 23% of respondents seeing increased sales. The report found that one in five respondents saw their diamond sales increase compared to 2019.
The State of the Jewelery Industry Report 2020 shows the effects of a pandemic on the industry and how the industry will continue to move forward. Although the jewelry industry confidence index fell 86% last year, 66% of jewelry industry professionals still feel optimistic. The majority of those surveyed – 58% – said it will take time for them to regain their previous strength – eight months or more, with 11% predicting they will not fully recover for two years or more. Over 950 respondents participated in the research, and 67% have been in the industry for 20 years or more.
“The JCK State of the Industry Report can be a vital resource in our current market. It is one of the only annual resources available to the jewelry industry that reveals category trends and insight into how jewelry companies face opportunities and challenges ”, Sarin Bachmann, Vice President of the group, Reed Jewelry Group. “The report reveals that despite the economic challenges of COVID-19, the jewelry industry occupies a unique position as consumer demand is relatively high, with people spending less on travel and experiences and more on meaningful personalized jewelry. “
The annual survey that informs the report is conducted by national research firm MRI-Simmons.
Preview and download the report here.