From a trend perspective, we know that white metals such as silver, white gold, and platinum have been gaining in popularity during recent years. Now, the Silver Promotion Service (SPS) is reporting that retail sales of silver grew in 2020—and that younger consumers were key in driving silver jewelry’s sales growth.
The SPS, which has commissioned an annual retailer survey from InStore for 12 years running, reports that 2020 marked the 12th consecutive year of silver jewelry sales growth.
Takeaways from the 2020 survey include:
• 42% of the jewelry retailers surveyed said their silver jewelry sales increased in 2020.
• 52% of those who reported an increase said their silver jewelry sales increased between 11% and 25%.
• The age group buying the most silver jewelry is 20–40, according to 51% of the retailers.
• 89% of retailers say they are optimistic that silver jewelry sales will continue to grow.
• 52% indicated their holiday 2020 sales of silver jewelry increased, compared to their 2019 holiday season sales.
• Silver jewelry delivered the best-maintained margin during the holiday season in 2020, more than twice that of any other category (43% silver compared to 19% diamond, 17% bridal, 16% gold, and 5% platinum).
• 39% of respondents said silver jewelry had the best inventory turnover rate (followed by diamonds at 29%, gold at 15%, and bridal at 13%).
• Surveyed retailers reported their silver jewelry sales, as a percentage of their overall jewelry sales, averaged 34% of their unit volume and 27% of their dollar volume.
• 41% said their online silver jewelry sales increased compared to the prior year.
• 50% of retailers said that they increased their silver jewelry inventory in 2020 an average of 19%.
SPS director Michael Barlerin said in a prepared statement, “The Silver Promotion Service is pleased that silver jewelry continues to grow in importance for American jewelry retailers, maintaining double-digit sales increases and strong margins, despite the challenges related to the COVID-19 pandemic. We are also excited by the robust expression of optimism for silver jewelry’s continued future growth.”
The Silver Promotion Service was introduced in 2008 by the Washington, D.C.–based Silver Institute, a nonprofit industry association whose members include silver producers, refiners, manufacturers, and dealers. The objective of the SPS is to develop and implement programs designed to enhance the image of and stimulate demand for silver jewelry in major international markets.
Top: Adel Chefridi Silver Night pendant in sterling silver with aquamarine, $210 (photo courtesy of the Silver Promotion Service)
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