Key Findings
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Among retailers who responded to the survey, approximately two-thirds own one store. As a whole, respondents’ companies operate an average of two stores.
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Roughly half of respondents said their companies had no staff turnover in 2008. However, 47 percent reported their companies had either layoffs or a hiring freeze in the past year.
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Average base salaries have gradually decreased from $72,400 in 2006 to $70,854 in 2007 to $63,793 in 2008. Between 2006 and 2008, salaries decreased 12 percent.
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Consistent with previous years, having sufficient operating budgets is the leading concern for one-third of respondents. Other top business concerns include job security and keeping up with technology.
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Not surprisingly, with few staff, respondents are working longer hours than in the past. However, two-thirds still say they are extremely or very satisfied with their jobs, mainly because they are passionate about the jewelry business. Job satisfaction remains high, with 68 percent reporting "extremely" or "very satisfied" and 23 percent reporting "somewhat satisfied."
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On the operations side, about 7 in 10 respondents reported hosting at least one annual sale (70 percent) or in-store event (71 percent). Another two-thirds (63 percent) reported a decrease in midyear sales for 2009 compared with midyear sales the previous year. Just 21 percent reported midyear sales were up compared with last year.
Methodology The online survey took place Sept. 3–15, 2009, with 14,000 e-mails sent to JCK readers, Retail Panelists, and e-newsletter subscribers. Results are based on 404 responses from retailers.
U.S. Retail Jewelers by Number of Stores Owned
[2006–2008]
| No. of Stores | 2006 | 2007 | 2008 |
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Note: Jewelers owned, on average, two stores all three years. |
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| 1 | 67% | 66% | 69% |
| 2–5 | 13% | 6% | 13% |
| 6+ | 20% | 19% | 18% |
U.S. Retail Jewelers by Annual Revenue
| Annual Revenue | % of Respondents |
|
Note: Does not add up to 100% because of rounding |
|
| &$100,000 | 9% |
| $100,000–$299,999 | 10% |
| $300,000–$699,999 | 17% |
| $700,000–$999,999 | 10% |
| $1 million–$1.9 million | 15% |
| $2 million–$4.9 million | 12% |
| $5 million+ | 26% |
Average Annual Jewelry-Related Sales
[2006–2008]
| 2008 | $3.857M |
| 2007 | $4.207M |
| 2006 | $2.654M |
Median Number of Employees
| 2008 | 7 |
| 2007 | 8 |
| 2006 | 9 |
U.S. Retail Jewelers by Number of Employees
| No. of Employees | % of Respondents |
|
Note: Does not add up to 100% because of rounding |
|
| 1–5 | 43% |
| 6–20 | 31% |
| 21–100 | 7% |
| 100+ | 18% |
Percentage of Jewelers Who Implemented Staffing Changes
[2008]
| Change | % of Respondents |
|
Note: Adds up to 110% because respondents were not limited to one answer. Some companies with a hiring freeze also had layoffs. |
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| Layoffs | 29% |
| Hiring Freeze | 20% |
| Add Staff | 10% |
| No Change | 49% |
| Not sure | 2% |
Respondents by Job Title
[2006–2008]
| Job Title | 2006 | 2007 | 2008 |
|
Note: May not add up to 100% because of rounding |
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| Total, Senior Management | 60% | 64% | 62% |
| Owner/Partner | 47% | 51% | 51% |
| Chairman/CEO/COO/President | 9% | 8% | 6% |
| Executive (SVP, VP, other C-level exec.) | 4% | 5% | 6% |
| Director/Manager/Supervisor | 13% | 12% | 16% |
| Marketing/Sales | 7% | 6% | 7% |
| Buyer | 5% | 5% | 4% |
| Gemologist/Appraiser | 3% | 3% | 3% |
| Designer | 2% | 2% | 2% |
| Office administrative | 1% | 1% | 1% |
| Treasurer/Controller/Bookkeeper/Accountant | 1% | 2% | 2% |
| Other | 6% | 5% | 1% |
Biggest Wish for Store
| 1) | Education for staff |
| 2) | CAD-CAM system |
| 3) | New show cases and/or displays |
| 4) | Store renovation |
Number of Hours Worked per Week
[2006–2008]
| % of Respondents | |||
| No. of Hours | 2006 | 2007 | 2008 |
| &40 | 13% | 15% | 12% |
| 40–49 | 43% | 42% | 43% |
| 50–59 | 28% | 26% | 27% |
| 60+ | 16% | 17% | 19% |
| Average | 47 hrs | 47 hrs | 48 hrs |
Change in Number of Hours Worked Over 12-Month Period
[2006–2008]
| % of Respondents | |||
| Change in Hours | 2006 | 2007 | 2008* |
|
Note: Does not add up to 100% because of rounding |
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| Increased | 20% | 21% | 24% |
| Unchanged | 70% | 70% | 63% |
| Decreased | 10% | 9% | 12% |
Average Compensation Across All Job Titles
[2006–2008]
| Type of Compensation | 2006 | 2007 | 2008 |
| Base Salary | $72,400 | $70,854 | $63,793 |
| Bonus | $11,805 | $4,715 | $4,718 |
| Commission | $3,032 | $2,023 | $3,371 |
| Other | $11,346 | $5,458 | $5,178 |
| Total | $97,044 | $83,050 | $77,060 |
Benefits Offered
[2006–2008]
| Percentage of Respondents | |||
| Benefit | 2006 | 2007 | 2008 |
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Note: Respondents could select more than one benefit. |
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| Paid vacation | 86% | 86% | 84% |
| Paid sick days | 71% | 67% | 66% |
| Medical insurance | 77% | 76% | 72% |
| Dental insurance | 40% | 34% | 37% |
| Merchandise discounts | 82% | 81% | 78% |
| 401k plan | 44% | 45% | 40% |
| Life insurance | 39% | 35% | 33% |
| Financial support for education | 44% | 41% | 36% |
| Disability insurance | 31% | 28% | 30% |
| Paid maternity leave | 20% | 15% | 18% |
| Pension plan | 17% | 14% | 12% |
| Other | 13% | 10% | 4% |
Factors Affecting Job Satisfaction
[2006–2008]
| % of Respondents | |||
| Factor | 2006 | 2007 | 2008 |
| Feeling of accomplishment | 50% | 56% | 53% |
| Relationship with customers | 36% | 43% | 36% |
| Flexible time/hours | 30% | 29% | 29% |
| Company’s financial stability | 28% | 26% | 28% |
| Salary | 27% | 17% | 22% |
| Relationship with colleagues | 22% | 24% | 24% |
| Job security | 22% | 20% | 22% |
| Feeling of recognition | 19% | 19% | 15% |
| Benefits | 15% | 16% | 17% |
| Advancement opportunities | 10% | 8% | 7% |
| Travel | 9% | 11% | 8% |
| Managing people | 5% | 8% | 6% |
| Workload | 4% | 5% | 5% |
| Satisfaction of owning business | — | 5% | 3% |
| Tuition reimbursement | 1% | 1% | — |
| Other | 7% | 2% | 2% |
Specific Job Concerns
[2006–2008]
| % of Respondents | |||
| Concerns | 2006 | 2007 | 2008 |
| Sufficient operating budget | 32% | 33% | 35% |
| Keeping current with technology | 18% | 17% | 13% |
| Management support | 13% | 6% | 6% |
| Job security | 9% | 12% | 16% |
| Salary | — | 11% | 13% |
| Lack of training/education | 7% | 2% | 5% |
| Impact of economy | — | 5% | 4% |
| Company merger/acquisition | 4% | 2% | 3% |
| Outsourcing | 3% | 2% | 2% |
| Other | 14% | 10% | 4% |
Job Satisfaction
[2006–2008]
| % of Respondents | |||
| Level of satisfaction | 2006 | 2007 | 2008 |
| Extremely satisfied | 33% | 28% | 27% |
| Very satisfied | 36% | 38% | 41% |
| Somewhat satisfied | 24% | 24% | 23% |
| Not satisfied | 7% | 10% | 9% |
Annual Number of Sales Held by Jewelers
| No. Sales | % of Respondents |
| 1 | 22% |
| 2–3 | 28% |
| 4–5 | 9% |
| 5+ | 11% |
| None | 30% |
| Average no. of sales: 2 | |
Annual Number of In-store Events Held by Jewelers
| No. Events | % of Respondents |
| 1 | 10% |
| 2–3 | 27% |
| 4–5 | 15% |
| 5+ | 19% |
| None | 29% |
| Average no. of events: 2.5 | |
Sales Increases vs. Declines
[June 2008–June 2009]
| Change | % of Respondents |
| Increase | 21% |
| Unchanged | 10% |
| Decline | 63% |
| Don’t Know | 6% |
Sales Increases
[June 2008–June 2009]
| % Increase | % of Respondents |
| 1–5% | 42% |
| 6–10% | 31% |
| 11–15% | 12% |
| 15%+ | 15% |
| Average sales increase: 8% | |
Sales Declines
[June 2008–June 2009]
| % Decline | % of Respondents |
| 1–5% | 4% |
| 6–10% | 20% |
| 11–15% | 23% |
| 15%+ | 53% |
| Average sales decrease: 14% | |
Number of Customers That Leave Store Without Buying, per Day
| Number | % of Respondents |
| None | 5% |
| 1–3 | 38% |
| 4–6 | 29% |
| 7–10 | 12% |
| 10+ | 16% |
| Average no. of customers: 5 | |