As the new CEO of Tiffany (Tiffany & Co.) takes the job, it has to face a deeper crisis than the sluggish traffic in retail stores: Americans are losing their enthusiasm for jewels.
From the indifferent millennial generation to the continued decline in the marriage rate and to artificial imitation, few product categories like jewels are facing so many adverse factors. With a drop in discretionary spending and a large number of shareholders showing discontent, major jewelry makers are trying to curb the downward trend in sales and close a number of unprofitable stores. Euromonitor, a research agency, estimates that the $60 billion value of the jewelry market has shrunk by 6.3% in 2016, and this decline will continue until 2022. The Jewelers Board of Trade said that the storm of jewelry store shutdown accelerated by 53% in 2016.
Anthony Kapno, the head of the committee, said: “what I am most concerned about is the long-term health of the industry.” (Anthony Capuano) I think jewels will always be sold out. But at the moment, I think consumers have little interest in jewelry.