MEDIA |
MAY 2023
Silver Institute's Survey Results- Silver Continues to Deliver Results for U.S. Jewelers
A 2023 Survey shows strength in SILVER.
Silver has become an increasingly important category for many jewelers over the past several years, both in driving sales and providing margin. To determine specifics on market performance and help support the category’s further growth, the Silver Institute fielded a market measurement study for the thirteenth year. The survey was conducted online by The Jewelers Collective during February of 2023.
Independent jewelry retailers across the US made up 98% of the respondents. Retailers were asked the following:
HOW 2022 SILVER JEWELRY SALES COMPARED TO 2021?
- 52% of the jewelry retailers said their silver jewelry sales increased between 11 and 25%. 7% saw an increase over 25% in 2022. 22% said their silver jewelry sales remained the same and 26% saw a decrease in sales.
- 26% of retailers said their online sales increased.
The average increase in 2022 for silver jewelry sales was 14%.
HOW DID 2022 HOLIDAY SALES FOR SILVER JEWELRY COMPARE TO THE 2021 SEASON?
- 52% of the jewelry retailers said their 2022 holiday season sales of silver jewelry increased over the 2021 holiday season. 24% said their holiday season silver jewelry sales remained the same while 24% said their sales decreased.
WHICH MERCHANDISE CATEGORIES HAD THE BEST MAINTAINED MARGIN OVER THE 2022 HOLIDAY SEASON?
Samuel B
Sterling silver
oval & round
blue topaz 3-Stone
“Udaya Ring”
MSRP $119
516.455.1826
PERCENT RATING CATEGORY AS “BEST”
Diamond Jewelry 21%
Bridal Jewelry 21%
Gold Jewelry 18%
Platinum 2%
WHAT PRICE POINTS OF SILVER JEWELRY HAVE THE GREATEST NUMBER OF SALES?
- The two best price points where retailers are experiencing the greatest number of sales in silver jewelry are less than $100 (50%) and $100 – $500 (45%).
PRICE POINT RANGE
More than $1,000 2%
$501 – $1,000 3%
$100 – $500 45%
Less than $100 50%
HOW DID SILVER JEWELRY PERFORM COMPARED TO OTHER CATEGORIES?
- Retailers said their silver jewelry sales as a percentage of their overall jewelry sales were on average 28% of their unit volume and 19% of their dollar volume.
RETAILERS WERE ASKED WHETHER THEY INCREASED THEIR INVENTORY OF SILVER JEWELRY IN 2022.
- 61% increased their inventory of silver jewelry in 2022 an average of 21%.
WHICH MERCHANDISE CATEGORY HAD THE BEST INVENTORY TURNOVER RATE?
- 30% said silver experienced the best inventory turnover rate in 2022; 13% said diamond, 16% bridal and 36% gold.
WHAT AGE GROUPS ARE BUYING THE MOST SILVER JEWELRY AND WHERE THEY SEE THEIR BEST-SELLING OPPORTUNITIES WITH SILVER?
- The age group buying the most silver jewelry is 20 – 40 according to 52% of the retailers. The under 20 age group was second at 17%
WHAT AGE GROUPS ARE BUYING THE MOST SILVER JEWELRY AND WHERE THEY SEE THEIR BEST-SELLING OPPORTUNITIES WITH SILVER?
Over 60 6%
51-60 11%
41-50 15%
20-40 52%
Under 20 17%
- Retailers said the best-selling opportunities with silver are female self-purchase (34%), . The under 20 age group was second at 17%
RETAILERS WERE ASKED HOW IMPORTANT SILVER JEWELRY IS TO THEIR BUSINESS?
- 51% of respondents said silver jewelry is very important or important to their business; 27% said very important.
RETAILERS SAID WHY IS SILVER JEWELRY IS IMPORTANT TO THEIR BUSINESS:
- More vendors are making larger and more in demand pieces of silver for the consumer to look at in the show case or online which leads to sales for our store.
- Gives the customer a great option to buy something that looks substantial but is priced to fit their budget.
- We carry silver as a starting price point for clients to experience our service with hopes that they come back again and again.
- Silver presents an opportunity to sell multiple items.
- We sell many different designers that work in silver as well as our own designs that we create in silver.
- Silver provides good price points, and good quality from trusted vendors.
- Silver gets people through the door.
- Provides a unique look and price point.
Mommy Chic
by Berco
Sterling silver
engraved pendant
with rose gold over
silver floral details
MSRP $150
800.621.0668
Black Water by
Kelly Waters
Platinum finish
sterling silver open
links bracelet,
simulated diamonds
MSRP $230
800.647.7017
RETAILERS WERE ASKED IF THEY PLAN TO BUY MORE SILVER JEWELRY IN 2023.
- 59% plan to increase their purchases of silver in 2023, more than any other category.
Gold jewelry 53%
Diamond jewelry 43%
Bridal jewelry 31%
Platinum jewelry 6%
Other 14%
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