2020 VALENTINE ECONOMICS AND GROWTH PERSPECTIVE FOR JEWELERS LOOK LIKE A DIAMOND IN THE SKY
Respondents who were interviewed lately on their spending forecasts were quite optimistic about their household incomes, buying power and the job market in general. They were planning to spend an average $196.31, a whopping 21% over previous record of $161.96. Showering close friends, co-workers and family with #Valentine gifts is expected to skyrocket to $27.4 billion, up 32% from last year’s record $20.7 billion.
Here are some facts and figures on the growth rate of Valentine Economics in the last decade. According to many statistics reports including the latest NRF’s Annual 2020 Valentine’s Day Spending Survey and conducted by Prosper Insights & Analytics, the gifts of love are driving retail sales through the roof:
|2009, $14.7B||2010, $14.1B||2015, $18.9B||2019, $ 20.7B||2020, $27.4B|
With a positive consumer confidence, good level of savings, and growing household incomes, consumers are once again ready to pamper their friends, families and close collaborators. As a result of the steady economic indicators, the savings rate is slightly ticking upward.
In fact 21 per cent of respondents to the survey have intentions to spend an average $5.8 billion on jewelry related products, $4.3 billion on fancy dining (34 %), $2.9 billion on clothing and fashion apparel (20 %), $2.4 billion on sweets (52%), $2.3 billion on flowers (37%), $2 billion on gift cards (19%) and $1.3 billion on greeting cards (43%). Entertainment gifts such as tickets to an event or pampering spa packages are also on the shopping list by 41%.
While Department stores are the ones to get the highest traffic during Valentine’s Day (36%), followed by discount stores and online shopping (32%), specialty stores are expected to grab 19% of shoppers, whereas local small stores stand at 15% followed by clothing stores and jewelry shops tied at par with 11% of intentions.
Overall Valentine’s Day survey results indicate a steady growth of 4.1 since 2019 which is twice the size the holiday sales scored in 2018 (2.4%).
This is only half the story as the consumers report focuses on the critical success factors for retailers who wish to jump on the wagon without missing the positive news. In the NRF Report co-produced with IBM Business Value Institute under the title Meet the 2020 consumers driving change: Why brands must deliver on omnipresence, agility, and sustainability, there are many research insights and take ways.
Here are few Critical Success Factors:
Whether online or offline, jewelry retailers who wish to meet their consumers’ expectations and adapt to the agile consumer trends, must have reliable point of sale software systems, CRMs, Gift Card Management Features like ChainDrive; which stands out as one of the very few innovative companies to offer an All-In-One Software System that is both organic and scalable. The holistic end-to-end approach and unique experience in digital transformation, agility, predictive management, data driven analytics, navigation dashboards and chain value creation have made Multidev Technologies and its avant-garde ERPs at the cutting edge of diamond chiseling, the most beloved jewelry software for specialty stores like.
Agility, connectivity and scalability are key to ChainDrive Jewelry Software retailers who rely on smart order management system to improve their operations and bottom-lines. ChainDrive’s inventory management technology not only powers and empowers retailers and brands to connect their e-commerce platforms to brick and mortar stores, it gives them all the necessary munitions to satisfy and exceed their convenience expectations on-time, on-budget and on-target. Helping retailers and wholesalers alike to anticipate their omnichannel Jewelry point of sale needs through predictive analytics, smart order fulfillment solutions, made-to-measure solutions to handle repairs on time, adequate appraisals of diamonds, product creation, in-store returns in real-time is a fraction of what Multidev Technology can do to keep customers in a Valentine State of Mind.
To find out more about our new cutting edge features & innovations for jewelry retailers, book your appointment now to meet us at #JCKLasVegas #JCKBound, Booth No 55080 or call for our trade guest services line at 1.800.820.14.12.
JCK Las Vegas
Tuesday, June 2 – Friday, June 5, 2020
Sands Expo & The Venetian