This year heart pendants are to be seen and not worn, but not because someone picked the wrong gift. The NRF expects jewelry sales to drop nearly 30% to $4.1 billion year-on-year.
Anyone still bubbly? Jewelry brands Retail Brew reported expected healthy sales for V-Day anyway, but the significance of the holiday split between physical and digital lines.
- Signet Jewelers president Jamie Singleton told us this is a critical selling period for mall-dependent brands Zales, Kay and Jared as shoppers turn to higher-priced items.
- Aurate co-founder Sophie Kahn called the vacation significant but “not as substantial as other vacations or events” from the DTC brand.
Behavior to watch out for: “90% of [Aurate] the shoppers are women and 80% are buying for themselves, so Valentine’s Day isn’t the first thing that comes to mind,” Kahn said. But other brands are courting self-sacrifice this season…
- Signet tried to appeal to individual splurges this year with a marketing campaign emphasizing the “self-shopper woman.”
- Kendra Scott, CMO Mindy Perry, told Retail Brew that women accounted for more than 75% of in-store purchases from February 1-11 in key markets.
For all customers, both Perry and Singleton said they emphasize in-store pickup services. In Texas, Kendra Scott stores also partner with local florists for group deliveries.
More digital sales = fewer adjustments. Aurate is seeing profitable growth this year without rewriting its formula. “Apart from shifting even more towards online shopping and customers earlier in the year, we’ve noticed very little difference from previous holiday periods,” co-founder Bouchra Ezzahraoui told us.