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Intriguing jewellery sales analysis as December draws near
The latest analysis of Australia’s independent jewellery stores revealed a modest decline in sales across September. In the latest report from Retail Edge Consultants, sales from September decreased by 2.7 per cent on a year-on-year comparison and six per cent when compared with 2022.
This follows a six per cent decrease in sales in August, while July was highlighted by a 2.9 per cent increase. Average unit sales decreased by eight per cent on a year-on-year comparison, with the average retail sale (inventory only) recorded at $262, an increase of seven per cent.
Breaking the data down further, diamond jewellery sales decreased by 3.2 per cent when compared with September 2023. Change in sales of colour gemstone jewellery (decrease 0.1 per cent) was negligible.
Silver and alternative metals jewellery decreased by 13 per cent on a one-year comparison, while precious metal jewellery without a diamond or gemstone improved by 13 per cent. A minor decrease was detected in laybys between new orders and pickups or cancellations. Services, such as repairs, declined substantially, while special orders improved modestly.
Bigger picture?
An analysis released by the Australian Bureau of Statistics (ABS) reported higher-than-expected sales for the nation's retailers in August, with these results attributed to sunshine. Head of business statistics Robert Ewing said retailers benefited from warmer-than-expected weather, with sales increasing by 0.7 per cent.
“This year was the warmest August on record since 1910, which saw more spending on items typically purchased in spring,” he said. “The lift in turnover from the warmer weather was also boosted by higher discretionary spending as consumers took advantage of Father’s Day sales events during the month."
Economists previously expected a 0.4 per cent increase in sales.
2024 Jewellery Retail Sales September Results
Charts published with permission courtesy of Retail EdgeThe charts below are based on data collected via Retail Edge POS software
at more than 400 independent Australian jewellery stores.
Source: https://www.jewellermagazine.com/