Essay on Retail Jewelry Industry Analysis
The amalgamation of many customs, mores and cultures have influenced the way people dress, walk or eat on daily basis. Many people want to showcase their dressing capabilities and jewelry industry has played a great role. Jewelry has been a part of most cultures in the world. Jewelry has been used as a currency, but today it is a tool to display or store wealth. For the last few decades, the jewelry industry has gone through an impressive growth that only a few industries have been able to match.
The retail jewelry industry is made up of bridal jewelry, watches, fashion jewelry, precious stones and precious metals as the main segments of its core products. In a sense, it is a substantially fragmented industry that has been a central determinant of the global economy. Essentially, it has been growing at a healthy 9% and this rapid growth can be accredited to the value that consumers place on owning unique and quality pieces of jewelry.
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Get Help Now!Blending of jewelry and art has also contributed immensely to the far-fetched growth of the retail jewelry industry. The today’s young population understands the artistic value of jewelry and they are out there looking for the best jewelry providers. These trends have made the industry grow rapidly. Independent retailers are firmly rooted in the market and most of their jewelry stores amount to about $27 billion in sales, although jewelry wholesalers and manufacturers also account for the other $27 billion in sales.
There are more than 50,000 retail jewelry stores and more than 200,000 employees in the industry. Wal-Mart is the largest jewelry retailer in United States. US retail industry also accounts for 15% of the worldwide sales of jewelry and related products. India and china are the other central leaders in the jewelry retail market. Every retail jewelry company operates with a macro environment that plays a great role in shaping the activities of the company. Retailers cannot change the macro environment and need to find better ways to adapt to changes that emerge.
The retail macro environment entails economic, political, social, legal and technological factors. In most of the nations where retail jewelry is a source of revenue, the governments have taken measures to lower import duty of gems and platinum. Colored stones are also relieved from taxation in some nations. Government subsidies and loans have helped retailers grow and keep jewelry prices low to satisfy consumer needs.
Jewelry retail industry sales are invariably driven by the economic environment. Growth of economy links with customers’ disposable income and an increase in sales make it easy for retailers to sell jewelry without any qualms. Recession and change in currency exchange rates are factors that have affected jewelry sales in local as well as international markets.
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