22 Reasons for Declining & Thriving Jewelry Sales in 2022
In the early years of my career, I was exhibiting at 15 wholesale gift shows a year. There were many hours during those long tradeshows when vendors would leave their booths and chat with other business owners about why the show was so slow. “Maybe it is the weather,” or “the super bowl starts today at 2:00 pm!” We all wanted to make sense of why sales were down and the show turnout was low.
30 years into my career as a supplier for businesses, I am still experiencing the ebb and flow of sales and attempting to make sense of it. Some customers have experienced a significant decline in sales this 2022 holiday season, while others have thrived.
Let’s imagine we are out in the aisle of a tradeshow chatting it up. You may need to be reminded that there are reasons for your decline that are beyond your control. What you can control is how you flow with the ever-changing landscape.
12 Reasons Jewelry Sales Declined in 2022.
I reached out to several Nunn Design customers for their input. My hope is that by hearing from other makers and from my own years of wisdom to offer, you will be able to have a greater perspective about your business.
Let’s start with reasons for possible decline.
Credit: @cameoko_jewelry
1. Incorrect Sales Data.
Here at Nunn Design, we took our 2020 and 2021 sales out of our averages and created a new baseline for our sales based off the 5 previous years. This gave us a more accurate base to really see what was going on sales wise. If you are comparing your current numbers to the crazy busy year you had selling online in 2021, you might be looking at your sales data without taking everything into consideration.
Credit: @littlebluebusjewelry
2. Lock-Down Purging
Donation centers across the United States were overflowing during the pandemic. Cleaning and purging became a major focus for many, which dovetailed nicely with Marie Kondo’s book: The Life-Changing Magic of Tidying Up. I believe consumers had time to evaluate their lives and think about what they surrounded themselves with. The thought of not accumulating more “stuff” is still fresh in their minds.
Credit: @seedandsoil_shop
3. Various Timeframes of Covid Re-Openings
Across the globe, different states and countries have decreased their Covid mandates. It is hard to know how your sales compare with others if you aren’t taking this into consideration.
“For me, sales have been down a bit from last year (which may have been my best sales ever). I sell mostly in person at fairs and festivals and I think maybe everyone was so excited to be out last year after Covid. Things are more back to normal this year for me.”
– April of April Hiler Design
Credit: @aprilhilerdesigns
4. Stimulus Money Gone Bye-Bye
Many Americans were receiving significantly more money through their unemployment payments and other government stimulus programs. When that came to a close, non-essential shopping slowed.
“This holiday season is a bit slower for me than last year. Last year though was a banner year for me, and for many of my colleagues at Portland Saturday Market. I think part of that had to do with all the stimulus funds that were out there.”
– June of Moth and Twig
Credit: @mothandtwig
5. The Economy
I know that this one is obvious. Fuel costs, metal costs, food costs, they all contribute to increasing costs and our money not going as far. Also, many are witnessing their retirements significantly decrease. All of this adds to a tightening of spending.
6. Consumer Experiences
This year, my family is not exchanging gifts. We are going to travel over the holidays and focus on experiences. I believe that many people are making that choice now that many parts of the world are opening back up to tourism.
7. Social Media Decline
“Instagram was a great way for many of us to market our goods to our customers for so long and that has completely changed. Honestly, only about .5% of my followers are even seeing my posts any more.”
– Kari of Mile High Beads
Credit: @milehighbeads
“Both my Facebook and Instagram sales and referrals to my site are down. Facebook is down 29% and Instagram is down 5%.
– Brandi of Little Blue Bus
Credit: @littlebluebusjewelry
8. Retailers Having Overstock
“So far this holiday season sales have been down. Retailers are placing orders but they are smaller in comparison to years past, seems like they’re being very cautious in spending or already have plenty of inventory on hand.”
– Camille of Cameoko Jewelry
Credit: @cameoko_jewelry
“I will say that wholesale was definitely ‘quieter’ not as many reorders once the season began and not as many new accounts. My longer-term accounts are still solid though. Shop owners are definitely being more cautious particularly with non- essentials, like jewelry.”
– Susan of joeyfivecents
Credit: @joeyfivecents
9. Consumers Are Waiting For “A Deal”
“People are trying to haggle and get deals this year than ever before. We don’t haggle or give discounts unless it’s military, so that has been interesting to navigate. I have done several legitimate fine arts shows and they have been the worst for that, which is completely unexpected.”
– Jensa of Jensa Jo’s
Credit: @jensajos
10. Oversaturation of Shows
“From my in person shows, sales have also been down. Perhaps where I’m at here in Atlanta, there is a saturation of makers. There is a market every weekend now so buyers are less excited about them.”
– Camille of Cameoko Jewelry
Credit: @cameoko_jewelry
11. Terrible Weather
“One of the biggest issues this holiday season has been the weather. Most of the markets that I do are outdoors (even the indoor ones get affected) and it has been one rainy/windy season! This is an obvious deterrent to shopping in general.”
– Susan of joeyfivecents
Credit: @joeyfivecents
12. Shipping Costs
“People do NOT want to pay shipping, but when I offer deals for free shipping, I see more orders coming in.”
– Brandi of Little Blue Bus
Credit: @littlebluebusjewelry
10 Reasons Jewelry Sales Increased in 2022
Not all of our customers are seeing a decline in their businesses. The purpose of sharing what is working is to help you be inspired, to give you hope and to help you choose optimism in a sea of news that doesn’t promote it.
1. Selective in the Shows Attended
“This year I made the decision to continue with events where my past break even number are met and exceeded, marketing is on point by the organizer and expected of participants, and buyers vs numbers coming through the door are proportionate.”
– Janet of Sistas with Bad Habits
Credit: @sistaswithbadhabits
2. In Person Shows and Sales
“We do a ton of fall art shows, boutique pop-ups, I offer FaceTime shopping appointments and post to social media every single day. I think my reach has increased again this year because of in person shopping”.
– Jensa of Jensa Jo’s
Credit: @jensajos
3. Personalize the Experience
“My charm bar (where customers create their own jewelry) is by far the best revenue maker this year. Customers want to shop local, small and build relationships with us vendors. They want a personalized experience- one where they’ve had a hand in creating the purchase. Uniqueness and personalization is high on their wish list as well as being able to touch and feel the product.
I can’t tell you how many children have been brought to my booth to pick out the perfect charms for their beloved elders. After I assemble their selections the look on their face is priceless. It’s the look of pride knowing they ‘made’ that necklace for Grandma and she’s going to love it. I always hand the package to the little shopper to complete the purchase. They’re all absolutely giddy that they get a bag.”
– Janet of Sistas with Bad Habits
Credit: @sistaswithbadhabits
4. Be Professional
“People are holding their money close in these economic times. Many come by to look and then walk away. I thank EVERY person for looking with a smile. It honestly shocks people as I can see them soften in their stance, smile back and make a positive comment about my work. Many then grab a card off the table. More come back to make a purchase after perusing the other vendors. I have to think it’s because I value them whether they buy from me.”
– Janet of Sistas with Bad Habits
Credit: @sistaswithbadhabits
5. Variety of Price Points
“I’ve worked a little on offering a version without the crystal on earrings or some offerings that are a little lower priced and that’s done pretty well.”
– Jensa of Jensa Jo’s
Credit: @jensajos
6. Offer Other Items
“This years hot non-jewelry items are bookmarks.”
– Janet of Sistas with Bad Habits
Credit: @sistaswithbadhabits
7. Offer Value Added Features
“Gift sets!!! I put together some gift sets and they have been very popular. People love being able to get a complete gift done at one place. I am also offering gift boxes or wrapping for an up charge. Again, customers want ease of gift giving.”
– Summer of Leo and Lynn
Credit: leoandlynnjewelry
8. Offer a Complete Collection of Jewelry
“Narrowing my focus and increasing my brand strength has helped a lot. I have been getting repeat customers who bought from me last holiday season and want to get something else this year.”
– Rebecca of Rebecca Noel Design
Credit: @rebeccanoeldesigns
9. Offer Customized Jewelry
“I have had an increase in custom order requests, and that partially has been due to growing my business in Ohio since I moved here in summer of ’21. My custom orders come from three categories- bridal bouquet flowers, funeral flowers, and memorial necklaces from pets with their hair. People like having a way to keep their memory close.”
– Rebecca of Rebecca Noel Design
Credit: @rebeccanoeldesigns
10. Focus on Jewelry to Enjoy Year Round
“My bestsellers remain designs that can be worn year round, less focus or interest from customers on holiday or seasonal specific designs.”
– Summer of Leo and Lynn
Credit: leoandlynnjewelry
Nunn Design is continually changing. There is an ebb and flow to the rhythm of our business that we can’t control. We can respond in ways that are proactive, optimistic and creative to keep moving us forward.
Thank you for letting us be part of your creative business.
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