PGI USA Sustains Impressive Uptick in Platinum Jewellery Sales
Remarkable performance sets the stage for year-on-year gains in the critical Q4 shopping season
December 2021 (New York, USA) - Despite ongoing challenges, such as supply chain issues and the persistent spreading of the Delta variant, PGI USA continued its streak of double-digit growth in Q3 2021. This unprecedented activity is forecasted to continue through the end of the year, setting the stage for 2021 year-end results to surpass those of both 2020 and pre-pandemic 2019.
US consumer confidence remains high, despite falling slightly from the June peak, mostly due to the continuance of the Delta variant. US retail sales increased 0.8% in September from August, indicating resilience in consumer demand despite supply chain challenges.
Unit sales from PGI USA’s primary business development partners grew for the fifth consecutive quarter by nearly 20%, with sales of platinum ounces increasing 30%+ due to retailers accumulating stock for the upcoming holiday shopping season. Notably in Q3, sales in platinum crowns increased more than 20% YoY, showing a stronger appeal of platinum for diamond and gemstone jewellery. This marked increase follows a recently released research study proving platinum holds precious gems most securely.
Q4 2021 is forecasted to be one for the record books, with spending on luxury items, specifically jewellery, predicted to exceed that of 2019 spending. To keep platinum jewellery top of mind with holiday shoppers, PGI USA has invested in both generic platinum bridal messaging, as well as targeted initiatives to support the female-focused Platinum Born brand. Strategic programs with media partners such as Engagement 101 and Love Stories TV, along with an investment in programmatic advertising and paid social media campaigns, are proving highly effective.
Continued consumer confidence and a willingness to spend, alongside key retail partners’ continued investment in platinum jewellery and strategic marketing initiatives, all assure a positive end of year and position PGI USA for a strong 2022.
Read the Platinum Jewellery Business Review Q3 2021 report here for more details.