According to recent ISTAT data (Italian Statistical Organisation), about 14,000 retail goldsmith activities are currently operating in Italy.
This is a reduced number compared to the more than 20,000 estimated in the early 2000s. Evenly distributed over the entire peninsula, the significant drop has not affected the positive perception that the activities convey to jewellery-oriented customers.
Buying in the presence of a jeweller’s shop today more than ever is a social experience, because one can find oneself with a trusted interlocutor with whom one can share opinions and ideas in a confidential relationship. This was confirmed by customers themselves in the aftermath of the forced closure of 2020 following the health emergency.
Domestic retail, although heavily impacted by the health emergency, showed important and unexpected positive signs of recovery, boosted by improved business conditions until the third week of October 21, which saw the entry into force of further anti-Covid restrictions, and performed better than expected: year-on-year growth of 7.6% was recorded. In the month of December 2021 alone, the jewellery sector recorded a trend growth of 8.8% compared to the same month in 2020.
Growth was also recorded in January 2022 – in line with the trends for the period October-December 2021 – according to data processed by Federpreziosi on the basis of Istat: jewellery shops, in their different distribution forms, recorded an increase of 9.1% compared to the same month in 2021. Small shops have regained some fraction of their turnover (+12.5%) at the expense of e-commerce (-2.1%).
The economic effects, during 2021, of the Russian-Ukrainian conflict have not yet been fully reflected in the dynamics of gold retail sales and, nevertheless, will contribute to generating imbalances that cannot yet be foreseen. The results obtained up to February clash with the uncertainties of the effects due to the known increases in prime rates, which in the coming months could have an effect on the recovery of inflation and jewellery purchasing decisions, given the reduction in purchasing power suffered by wealth held in liquid form. It was precisely the transformation of excess savings into consumption that was the driving force behind the growth in demand for jewellery during 2021. The continuation of the war crisis could compress the sector’s growth curve.
At Schwegler Associated we are specialised in the study of high-end realities and tailor-made measurements for realities ranging from small retailers to large-scale production of high-end jewellery products to goldsmiths/precious metal processing or refining companies.
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