The report published by Retail Edge Consultants highlighted a 0.8 per cent decrease in sales when compared with December 2023.
These results marked a frustrating close to the year for jewellery retailers, particularly after an impressive 8 per cent increase in sales in November.
Unit sales decreased by 9 per cent by the same comparison, while the average retail sale (inventory only) increased by 11 per cent to $207.
In terms of specific categories, diamond jewellery sales increased by 2 per cent on a year-on-year comparison; however, declined by 31 per cent when compared with December 2022.
Colour gemstone jewellery decreased by 2.5 per cent when compared with the previous year, and it was a similar story for silver and alternative metals, which dropped by 1.8 per cent.
The analysis of laybys, services (such as repairs) and special orders each highlighted a decline in sales between new orders and pickups and cancellations.
Cause for optimism?
It’s not all sour news for retailers; however, as the latest ANZ-Roy Morgan Consumer Confidence Index highlighted improving consumer sentiment.
The index rose by 3.6 points to reach 87.5, marking the highest start to a new year since 2022. ANZ economist Madeline Dunk said the expectation is that consumer confidence will continue to improve throughout 2025, supported by tax cuts, real wage increases, and anticipated rate cuts.
“While it is not unusual for a confidence boost in the first week of the year, this represented a top-three result since the beginning of 2023,” she said.
Consumer confidence improved in New South Wales, Victoria, Queensland, and Western Australia, while a decline was noted in South Australia.
2024 Jewellery Retail Sales January 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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