Strong U.S. Silver Jewelry Sales Continued in 2016
Survey Shows Eighth Consecutive Year of Growth
New York. NY, March 22, 2017 - Silver jewelry sales in the United States were strong in 2016 with 62% of jewelry retailers reporting increased sales according to a survey conducted on behalf of the Silver Institute’s Silver Promotion Service (SPS). The results also confirmed that silver jewelry continues to be a leading merchandise category for retailers, both in driving sales and providing margin.
Highlights from the 2016 survey include:
A. The average store growth in 2016 for silver jewelry sales was 16%. Eight percent reported an increase of over 25%.
B. Retailers said their silver jewelry sales, as a percentage of their overall jewelry sales, were on average 35% of their unit volume and 27% of their dollar volume.
C. 54% of retailers said silver experienced the best turnover rate in 2016 followed by bridal and diamond jewelry both at 17%, gold at 10%, and platinum at 2%.
D. The best maintained margins during the holiday season were:
-Silver Jewelry 49%
-Diamond Jewelry 21%
-Bridal Jewelry 18%
-Gold Jewelry 10%
-Platinum Jewelry 2%
E. 89% of retailers say they are optimistic that silver jewelry sales will continue to grow.
SPS Director Michael Barlerin commented, “The Silver Promotion Service is obviously gratified by what the survey demonstrated. Silver’s outstanding performance was the result of multiple inter-related factors, including the fact that 62% of retailers reported they had increased their inventory on average of 24%”. The survey, conducted by INSTORE, was fielded in February this year. This was the eighth consecutive year that SPS has commissioned such a survey.
The Silver Promotion Service was introduced in 2008 by the Washington DC based Silver Institute. The objective of the SPS is to develop and implement programs designed to enhance the image of and stimulate demand for silver jewelry in major international markets. For more information on the SPS please visit www.savorsilver.com
