Jewelery shoppers have lowered their average purchase price in recent months as rising interest rates and inflationary pressures across the UK have “weakened” consumer sentiment, brand spokesperson Lily Arkwright said.
The sustainable jewelry retailer said it sees early signs of a shift in consumer sentiment towards higher-priced purchases.
A spokesperson for the company said the business is “well prepared” to weather any downturn due to the lower price of lab-grown moissanite and diamond engagement ring collections compared to jewelers retailing mined diamonds at a higher price.
Philip Dawson, managing director of Lily Arkwright, said: “Sales have been strong throughout 2022 as we continue to meet our five-year growth target, energy prices and broader inflationary pressures now appear to be affecting consumer confidence, leading to a decline in average purchase price of goods.
Lily Arkwright specializes in lab-grown, ethical and sustainable jewelry, including moissanite, lab-grown diamonds and colored gemstones.