Survey details where and how buyers are spending in Q1

Silk Wool and Bijoux, a jewelry and accessories company based in Philadelphia since 2009,  recently surveyed 835 of its customers, which are composed of boutiques, gift shops, farm stores, historic homes and museums. “In looking at the responses we see a clear picture that not only is COVID changing the way people source for their stores, but longer-term changes are occurring that are only accelerated by COVID issues,” Silk Wool and Bijoux noted in a press release.  The survey results addressed where buyers will source product for their coming spring/summer needs, how spending compares to 2021 and how B2B platforms are influencing retail buyers. Here is a breakdown of what Silk Wool and Bijoux discovered.

Winter 2022 In-person Shows

Silk Wool and Bijoux’s survey asked participants which shows they would attend. Dallas Market was not included as a response since the show had already begun when the survey was released to participants. The survey was given to a national audience, and according to Silk Wool and Bijoux the results “may not be projectable since show attendance has become somewhat regional,” the press release noted. In-Person Market Attendance Results

• Atlanta Market 24%
• Las Vegas Market 11%
• NY NOW 24%

“‘Other’ mentions in the ‘write-in’ section were Coterie, Shoppe Object, MSA Marketplace and small regional shows,” the press release elaborated. The results also indicated that plans for attending shows were fluid as pandemic concerns “were top of the list” for almost 80% of those surveyed. The press release detailed that primary concerns were related to the potential transmission of COVID, travel restrictions and vendors not attending shows. With COVID closing many museums in 2020 and 2021, travel budgets may be tight and that may affect attendance at shows. “So, the elephant in the room continues to be the uncertainty that COVID presents and the ever-changing rules it causes. Buyers appear to still have an interest in going to in-person shows but maybe will limit the number of shows they go to and the frequency they go to shows,” shared Silk Wool and Bijoux.

B2B Buying Opportunities

“We are all looking for trends and trying to assess if they are temporary blips or represent the new wave,” the company noted. The pandemic occurred around the time new B2B marketplaces were created and  introduced a new way for buyers to source. “These sites benefited from the pandemic brake on travel and shows, they also seem to have refined their approach and marketing by learning from their users. In the survey we saw an extremely strong attraction to using them to meet store buying needs,” the press release detailed. Participants were asked if they would be utilizing B2B platforms, and which ones, to procure merchandise for the first quarter. Here are the results of the Silk Wool and Bijoux survey  Online Sourcing Results

• Faire 70%
• Direct with vendor 70%
• Nu Order 5%
• Abound 2%

“Other mentions not in the drop down menu were Shoppe Object Online and MSA Marketplace. A surprising result is 70% of buyers said they are using Faire to fill their spring/summer orders. It is tied in usage with buyers going directly to vendors’ websites they know, which was also 70%,” the press release explained. “Of the 70% who said they were using Faire, 37% used both Faire and direct sourcing, 9% used Faire only and 24% used Faire and at least one wholesale show. It will be interesting to see over time how these percentages change,” Silk Wool and Bijoux shared.

Spending Habits Surveyed

Survey participants were also asked about spending expectations for Q1 and what the change in spending was from the same time period in 2021 and here are the results reported by Silk Wool and Bijoux. Results of Spending Expectations

• Increase over 20% 12%
• Increase 10-20% 14%
• Increase 0-10% 20%
• No change 49%
• Decrease 10-20+% 2%*

About half the buyers are expecting to spend more in Q1 than in Q1 of 2021. “Those making a significant increase however is only about 25%. About half the buyers are saying they are staying flat with spending from same time last year. Good news is only a small number see a decrease,” the company stated. About Silk Wool and Bijoux Silk Wool and Bijoux was founded in 2009 on the premise of finding fun and unique accessories from around the world. It has grown to over 800 customers in all 50 states, Canada and the European Union. Silk Wool and Bijoux is committed to fair and mutually beneficial relationships with its artisans and it represents women-owned businesses in Vietnam and Turkey.