Jewelry demand is down for the fifth consecutive month, according to data released by the U.S. Department of Commerce in March. The recent three biggest jewelry sales periods (Holiday and Valentine’s) did not outperform the previous year – with November and December down 1%. Valentine’s Day promotions did buoy jewelry sales slightly: February 2015 U.S. jewelry and watch sales declined by only .2% over the same period in 2014. Specialty jewelers have seen a greater drop in average sales; sales in February at specialty jewelers are down 5.4% from 2014.
According to Ken Gassman of the Jewelry Industry Research Institute, the decline can be attributed in part to “shoppers who are purchasing less expensive fashion jewelry, rather than big-ticket jewelry with large gemstones.”
In this type of situation you have three choices:
1. Ignore the situation
2. Accept defeat
3. Take control
The obvious choice is to take control. But where do you begin?
Today, using a low-cost vacation incentive to draw consumers attention to your store is the best way to grab market share. If you believe you’re that much better than the competition, you should be able to pick up business. Consider that consumers will still continue to spend, but they will be spending more wisely. Manage your marketing expenses carefully, plan correctly. Don’t be an ostrich and put your head in the sand. Customers will expect you to do things a little differently at such times.
As companies make the shift from mass-marketing to target-marketing, they will ultimately turn to incentive programs as a primary solution rather than a secondary or complementary tool.
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