Jewelry sales down for 5th consecutive month

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?

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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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