The latest analysis from Retail Edge Consultants was highlighted by an eight per cent increase in revenue on a year-by-year comparison.
Unit sales declined by eight per cent by the same metric. The average retail sale (inventory only) increased in November to $259, a 21 per cent increase from the previous year.
Drilling into specific categories, diamond jewellery sales increased by 20 per cent on a year-on-year comparison. Colour gemstone jewellery spiked by 28 per cent compared with 2023 and 43 per cent when compared with 2022.
Silver and alternative metals jewellery marginally increased (0.8 per cent) compared with the previous year and 3.2 per cent on a two-year comparison.
Discounts were applied to 29 per cent of sales lines. Laybys and special orders both improved, while repairs declined.
Better days ahead?
A recent report from The Australian offers local retailers reason for optimism. Deloitte Access Economics partner Dave Rumbens told the publication that consumer confidence appears to be rising.
“We’ve seen this in a much earlier uplift in searches for ‘sales’ in Google trends data compared to 2023,” he said.
“This suggests that consumers are starting to shift from saving to spending, especially when there are good deals on offer. This shift has likely continued into November, off the back of saturated Black Friday campaigns last week.”
He added: “A rate cut from the RBA, whenever that might be next year, could be the green ‘go’ light consumers need to see before feeling comfortable letting loose.”
“But like any good recovery story, there are also risks in the road ahead. Uncertain timing for the shift in consumer spending and the ‘discount dilemma’ remains crucial challenges for retailers."
In November, analysts predicted a significant spike in consumer spending around the increasingly popular Black Friday sales events.
2024 Jewellery Retail Sales November Results
Charts published with permission courtesy of Retail Edge
The charts below are based on data collected via Retail Edge POS software
at more than 400 independent Australian jewellery stores.
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