The 585*GOLDEN jewelry retailer has recorded jewelry demand trends from 2021 to 2024. The results of a large-scale study by its department of analytics and data were announced at the annual Russian Retail Week forum in Moscow.
The main thesis of the report was the increase in the share of online sales in both jewelry retail and wider retail, primarily due to access to marketplaces and improvements in mobile applications.
The share of orders received through applications has increased 1.5 times in the last year alone. Since 2021, the share of customers buying jewelry both offline and online has increased 1.75 times (by 75%).
Statistics show that the level of omnichannel is growing even in such a "traditional" niche as jewelry retail, where retail and offline sales have always prevailed due to customers’ ability to try on items before purchase and individual advice from consultants.
The dynamics of demand for certain categories of jewelry showed that earrings remain the most popular product. However, in 2021, the demand for silver earrings was higher, while in 2024 gold studded jewelry is in the first place. The second line of the rating of consumer preferences is occupied by gold rings with precious stones, which are often purchased with a set of earrings. Budget silver earrings dropped to third place. The average price of purchased products is steadily growing at a rate of up to 20% per year, which is directly related to the dynamics of jewelry prices during the period under review, and with the opportunity to pay for purchases in installments which makes expensive models more affordable.
The experts of 585*GOLDEN noted that demand for jewelry with natural stones is growing. So, in relation to 2021, sales of diamond products increased 2.5 times (by 150%). At the same time, the demand for models with cubic zirconia fell by 30%. According to the varieties of precious metals, the demand for 585 and 375 assay red gold (also called "Russian gold") has increased significantly since 2021. Yellow gold ("European gold") and white gold consistently account for a relatively small share of sales.
The combined demand for products made of several shades of precious metal has decreased by 30% since 2021, due to a change in fashion trends.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
