It’s a wintry wonderland in New York City.
Half of Retailers Saw Silver Sales Grow Last Year, Survey Says
It marks the 10th consecutive year of growth for the metal, according to a retailer survey conducted on behalf of the Silver Promotion Service.
New York—Silver jewelry sales in the United States saw another strong year of growth, one recent survey shows.
According to a survey of jewelry retailers conducted in February by Instore magazine on behalf of the Silver Promotion Service, 52 percent of retailers reported an increase in silver jewelry sales in 2018.
The survey also indicated that the average store growth last year for retail silver sales was 16 percent.
This marks the 10th consecutive year that the SPS has commissioned such a survey and the 10th year that the metal has increased in sales.
Retailers reported that silver jewelry sales, as a percentage of overall sales, made up 24 percent of their unit volume and 18 percent of dollar volume, on average.
According to the survey, silver also continues to be a leading merchandise category for profit margin.
Silver topped the list of categories with the best margins over the holiday season, with 40 percent of retailers indicating it performed best. This was followed by diamond jewelry (23 percent), bridal jewelry (17 percent), gold jewelry (15 percent) and platinum jewelry (5 percent).
Fifty-one percent of survey-takers said silver jewelry also saw the best inventory turnover rate of any category. Meanwhile, fourteen percent said bridal styles had the best turnover rate, while 12 percent said diamonds were at the top and another 12 percent said gold jewelry styles were.
Looking forward to the future of silver jewelry sales, 84 percent of retailers surveyed said they’re optimistic that silver jewelry sales will continue to rise.
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