According to the Sokolov analytical center, at the end of the first half of 2024, the Russian jewelry retail market in monetary terms reached 199 billion rubles, which is 29.3% higher than the same period last year. The share of online sales increased from 24% at the beginning of the year to 28% by the end of June.
Photo: Stankovskaya V./Retail.ru
Market growth in January-June 2024 was dictated by a 26% increase in prices compared to June last year, and since the beginning of this year, prices have increased by 13%. The price increase is due to the dynamics of the Central Bank of the Russian Federation discount price for gold by 19% over the past 12 months. As a result, the average bill increased in June 2024 by 18.4% compared to June 2023 and amounted to 8,509 rubles for the first half of the year. At the same time, the total number of receipts in jewelry retail increased by 13%, and the number of items sold increased by 8%.
“For the first time since remote trading of jewelry was allowed in Russia in December 2019, the share of marketplaces in the market reached 10% at the end of June. In general, over 6 months it increased by 2.3 percentage points. and accounted for 9.6% of the total market volume or 34% of all online jewelry sales (33% in the same period in 2023). Thus, marketplaces, where 88% of jewelry sales come from Ozon (32%) and Wildberries (56%), took a comparable position to the top 3 market leaders – the largest federal chains – Sokolov, Sunlight and 585. According to our research market, 30% of respondents made their last jewelry purchase on the marketplace, 54% in traditional retail and 15% in online brand stores . At the same time, more than 70% in each of these groups were looking for jewelry and comparing conditions in all sales channels, which indicates the transformation of omnichannel into an indispensable condition for competitiveness in the jewelry market today,” said Alina Kolpakova, head of the Sokolov Analytical Center.
The turnover of the Sokolov jewelry holding in the first half of 2024 increased by 42% compared to the same period last year and reached 28.1 billion rubles. The company's online and offline retail sales grew by 43% to 21.6 billion rubles. The average retail receipt increased by 10% to 8,179 rubles, and the total number of receipts in the retail sales channel increased by 30%. Including franchises, the company's retail network now includes more than 800 retail outlets, including 210 franchises.
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