By The Jewelers Board of Trade
“Feeling positive, but planning for good and preparing for any bad.”
– Bill Skidmore, Skidmore Treasures LLC d/b/a Amore Jewelers
Each year, The Jewelers Board of Trade (JBT) distributes a Business Conditions survey to retail and supplier members. The latest survey for Q4 2022 focused on four key areas: Q4 sales, new hires, inflation and its impact, and current supply chain issues.
Here is a breakdown of what over 220 retailers and suppliers had to say. For a more comprehensive overview, check out our November 17, 2022, webinar, Is the Party Over? How to Prepare for the Holiday Season and Beyond, with Erich Jacobs, President of JBT, and Trace Shelton, Editor-In-Chief, INSTORE magazine.
More than half of surveyed retailers said they expect Q4 sales to rise, while 40% of surveyed suppliers said they expect Q4 sales to be down. These numbers may hold, but in our experience, there will be a trickling-down effect from suppliers to retailers.
New Hires in Q4
Almost half of retailers surveyed said they will look to hire new employees in Q4, and 68% of suppliers responded that they will not.
- I hope to
- It’s not looking likely
- The economy in our area is suffering, and many businesses are looking for new hires and can’t find any
- Only to replace someone
- We are not looking to expand
- I am a single-person operation, never looking to hire
Are you being impacted by higher interest rates to borrow money?
71% of retailers and 60% of suppliers indicate they are not impacted by higher interests to borrow money.
And if so, are you modifying the way you’re working? Less memo? More memo?
About half of surveyed retailers said they were taking in more memo goods to keep costs down this holiday season, which indicates a lot of folks look at memo as “free money,” driving them to take on more of it.
45% of retailers indicate they will work with more memo vs. 25% doing less and 25% doing the same volume.
How are supply chain issues affecting your ability to receive goods on time?
More than half of surveyed retailers and 60% of suppliers said supply chain issues were affecting delivery by days or even weeks. That’s a lot better than last year, and our perspective is that it will continue to reduce, with some impact. The great news is that the consumer knows about it and understands it.