The best way to describe the shows in Las Vegas this past week is with the word VIBRANT. People were back: excited to see each other, anxious to see what is new and different, and ready to stock with merchandise for the second half of the year.
Arguably, 2021 was the best year in most jewelers’ history and 2022 started in a similar fashion. We have all been through the worst of times with COVID, a war in eastern Europe, and a very jittery stock market. But ironically, it was the best of times for jewelers. So what have we learned?
We all know that what goes up eventually comes down. We are certainly seeing the signs of this, as most jewelers have felt a letdown since Mother’s Day. Inflation, out-of-control oil prices, and the threat of increasing interest rate hikes are slowing the economy down. And we all know that when people are wary, they spend less on discretionary items, like jewelry.
Indeed, most jewelers I spoke to at the shows are concerned about the second half of this year, and particularly the fourth quarter. This was the central theme I heard. Consequently, I told many that the best thing they can do to ensure a strong close to the year is to run either a Fall or Winter sale event. It will drive traffic, create new customers, reduce aged merchandise, increase cash flow, and secure your year. If this sounds good to you – and it should – give us a call and we’ll provide a free, no-obligation consultation for you. We look forward to hearing from you.
Jeff Gordon, CEO