Our annual State of the Industry Survey shows that jewelers are quite optimistic about their business. In related news, exhibitors from JCK Las Vegas and Luxury are too.
Jewelry industry remains optimistic about the economy and industry in general, said Reed Senior Vice President of Exhibitions Yancy Weinrich at a State of the Industry presentation on June 1 at JCK in Las Vegas.
The survey can be downloaded here.
Last year, JCK launched its Confidence in the Jewelery Industry Index (JICI), which measured the optimism of members of the industry towards their business over the next 12 months. This year, JICI hit a solid 86, roughly equal to last year’s 88. This means that 86% of industry members were very or slightly optimistic about their business for the coming year.
Industry members were a little less optimistic about thethe entire American economy. Asked about the economy, 59% said they were optimistic, but 33% said they were pessimistic — a 10% increase over last year.
Regarding their biggest business challenges, 67% of respondentsTeeth cited competition online, 56% mentioned the general economic climate, 50% mentioned a lack of general demand and 40% pointed to a lack of demand from millennials.
“There is still a large consensus that online competition is the ongoing challenge of the times, but macroeconomic concerns are much more visible on the industry’s radar this year,” Weinrich explained.
The survey then asked the jewelers how they planned to comBeats competition online: 17% said their # 1 strategy was to connect with customers through social media, 13% planned to advertise in non-traditional forms, 13% wanted to improve the experience of buying in-store, 12% hoped to change inventory buying habits, and 3% wanted to invest in technological innovation.
As for the advertising platforms jewelry companies plan to use in 2019, 82% cited social media and 61% said online advertising, including paid search. Regarding the marketing strategies they hope to be successful, a 72% said social media marketing. (Last year 82% gave the same answer.)
The survey also found that the most popular trends of 2019 were stacked rings and heart-themed jewelry.
Stacking, Weinrich said, “will appeal to buyers across a wide price range and provide consumers with an incentive to regularly browse to add matching pieces to their existing collections, likely without replacing the larger purchases occasioned by the occasion. “.
Respondents said sales of personalized pieces and colored stones have increased over the past year, while charms have been the only category where sales declined. As much as expected In sales for 2019, respondents had the highest hopes for colorful gemstones and fashion / bridge jewelry.
The survey also deepened consumer attitudes towards lab-grown diamonds.
The main reasons consumers are interested in purchasing lab-grown diamonds, respondents said, were the lower price (86%), ‘green’ positioning (36%), conflict-free positioning (33% ) and interest in technology. aspects (15%).
The main reasons why consumers said they does not have want to buy lab-grown diamonds: they consider natural stones to be more “real” (47%), they prefer natural diamonds (46%), they fear that lab-grown diamonds will not retain their value (39%) , and the price was not low enough (17%).
One in five consumers who didn’t want to buy them have now suggested they would if the price dropped.
The survey was conducted by the MRI-Simmons pollster among more than 500 industry members.
At Sands and the Venetian, show attendees generally reflected the poll’s upbeat mood.
Luxury’s first day has been “very strong,” said A. Jaffe, Sam Sandberg. “People were positive and they bought. Luxury was very good for us.
Nicky Mehta, president of Diamond Days, a diamond wholesaler, found show attendees a little more optimistic as the holidays approach. “People want to know what the trends will be,” he said.
Mehta said he had seen an increase in the number of jewelers searching for ethically sourced materials and that lab-grown diamonds were the “hot topic” of the show.
Jessica Rossomme, director of operations for Mucklow’s Fine Jewelry in Peachtree City, Ga., Said she was looking for “a little bit of everything,” especially new items. Among the things she watches: diamonds and color, mostly in mid to low prices.
“We try to be ahead of the wishes of our customers,” she said, “especially the new generation.”
Above: a lively registration desk on the opening day of the JCK (photo by Camilla Sjodin)
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