22-3-2021
The Silver Promotion Service (SPS) said 2020 marked the 12th consecutive year of silver jewellery sales growth, mainly driven by consumers aged 20 to 40 years old, despite the ongoing COVID pandemic.
Key findings from the survey include:
42 percent of the jewellery retailers surveyed said their silver jewellery sales increased in 2020.
52 percent of those reporting an increase said their silver jewellery sales increased between 11 and 25 percent.
52 percent indicated their Holiday 2020 sales of silver jewellery increased over the 2019 holiday season.
Silver jewellery delivered the best-maintained margin during the holiday season in 2020 – more than twice that of any other category (43 percent silver compared to 19 percent diamond, 17 percent bridal, 16 percent gold and 5 percent platinum).
39 percent of respondents said silver jewellery experienced the best inventory turnover rate (followed by diamonds at 29 percent, gold at 15 percent and bridal at 13 percent).
41 percent said their online silver jewellery sales increased compared to the prior year.
50 percent of retailers said that they increased their silver jewellery inventory in 2020 an average of 19 percent.
The age group buying the most silver jewellery is 20-40 according to 51 percent of the retailers.
89 percent of retailers say they are optimistic that silver jewellery sales will continue to grow.
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