CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
SurveysOct 07, 2014
Jewelers weigh in ‘solid’ holiday growth prediction
The most recent holiday sales forecast, released Tuesday by the National Retail Federation, predicts that consumers will spend 4 percent more this November and December than they did last year.
Washington--The most recent holiday sales forecast, released Tuesday by the National Retail Federation, predicts that consumers will spend 4 percent more this November and December than they did last year.
Jewelers who spoke to National Jeweler Tuesday said while they don’t see this forecast as overly optimistic, it will be the high end of the market that’ll drive the growth.
In total, the NRF said U.S. consumers will shell out a total of $616.9 billion in those two months due to improvements in key economic indicators, including jobs and housing data, that “will give way to increased spending power among holiday shoppers.”
“Though we have only seen consumer income and spending moderately, and erratically, accelerate this year, we believe there is still room for optimism this holiday season,” said NRF Chief Economist Jack Kleinhenz. “Consumers are in a much better place than they were this time last year, and the extra spending power could very well translate into solid holiday sales growth for retailers.”
Still, Kleinhenz noted, “Shoppers will still be deliberate with their purchases while hunting for hard-to-pass-up bargains.”
Kelly Newton of Newton’s Jewelers in Fort Smith, Ark., said it’s hard to tell whether the NRF’s predictions will hold true but noted that sales at his store this year so far have been even with, or better than, last year.
He said has had to increase his prices in the past year, notably due to the rising cost of diamonds, but it hasn’t seemed to deter customers.
“People aren’t shying away from higher prices,” Newton said, “But I think we have a more selective group of customers now. I think we’re seeing fewer customers spending a lot of money, as there’s fewer people in the market that can and are willing to spend that kind of money. They’re still shell-shocked from the recession.”
Newton said higher price tags on products also could play a part in predictions, such as the one just made by the NRF, of increased consumer spending. “People are spending more, but things are costing more,” he said.
The NRF isn’t the only organization to predict a 4 percent increase in spending this season; consulting and financial advisory firm Deloitte said last month it expects holiday sales to climb between 4 and 4.5 percent over last year and online sales to increase as much as 14 percent.
“I’m not sure I believe
it,” said Jeffrey Mann of Jeffrey Mann Fine Jewelers in Toledo, Ohio. “Part of me says yes, because we play in the high end of the market, and I think the wealthy are getting wealthier, but I’m not sure about mainstream America. From that standpoint, I’m not sure it’s going to happen.”
Mann said personally, he could fathom a 4 percent increase in holiday sales.
“Can I do it? Yes, through the strength of some big sales, I can have a roaring holiday season,” he said. “But I’m not sure I’d see it from the middle part of my customer base. For mainstream America, things haven’t gotten as good. Maybe because of the limited arena I play in, I wasn’t as aware of it as recently, but none of my vendors seem to be saying, ‘Wow, we’re setting the world on fire.’”
The jeweler said comparatively, he’s even with sales at this point last year but he’s also raised his margins.
“It’s just been a change in philosophy,” he said. “I think those of us that are creative this year, that find ways to bring business to us rather than waiting for it to walk through the door, are probably going to be more successful.”
Last year, holiday sales increased 3.8 percent, according to the NRF, which was almost exactly in line with the organization’s prediction of 3.9 percent.
The NRF bases its sales forecast on an economic model that utilizes several indicators, among them consumer credit, disposable personal income and monthly retail sales releases.
More on Surveys
The Latest
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
