High inflation forced US jewelry consumers to downscale their discretionary spending in 2022, according to a report by Syte, an artificial intelligence (AI)-driven “product discovery platform.”
While e-commerce spending rose in the fashion and home-decor categories in the second half of 2022, outlay on jewelry slipped, the Israel-based company revealed.
In this environment, jewelry brands “must offer a superior omni-channel customer experience while offering shoppers the ability to search for products in a way that they can [home] in on specific details, search for similar items, feel assured about product quality, and locate items they have in mind quickly,” Syte recommended.
Jewelry vendors should also create experiences that promote complementary items at checkout to boost basket size, the report added.
Inflation has had a profound effect on discretionary spending. Among the retail categories covered in the report, prices for apparel increased by 2.9%, household furnishings and supplies jumped 8%, and jewelry climbed 6%, Syte noted, citing US Bureau of Labor Statistics data.
The company analyzed more than 2.9 billion e-commerce sessions from its global database of fashion, jewelry and home-decor brands and retailers between July 1 and December 31, 2022.
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