“It’s slower than other years,” he said.
“We used to sell bigger pieces.”
The most money that his customers have spent on Valentine’s Day jewelry gifts is $1,000 and the gifts are smaller in size, Abadjian said.
His customers have bought more gold pieces than diamond jewelry, he said. But the high price of gold is also dissuading some customers from purchasing jewelry, Abadjian said.
Valentine’s Day, which falls on Saturday, is not the store’s busiest holiday for purchases, but Abadjian still relies on the day to make a profit.
Christmas shopping brings in the most profit for the jewelry store, while Mother’s Day is the second busiest holiday and Valentine’s Day is the third, Abadjian said.
For most retail stores, Valentine’s Day is generally the third busiest holiday to bring up profits, said Kathy Grannis, a National Retail Federation spokeswoman.
But this year’s Valentine’s Day might out beat the coming Christmas and Mother’s Day on spending as the economy continues to weaken, she said.
“Valentine’s Day, this time, has been the top consumer spending holiday,” Grannis said.
Consumer spending is expected to reach $14.7 billion this holiday, according to the National Retail Federation 2009 Valentine’s Day Consumer Intentions and Actions Survey.
Consumers will likely spend an average of $102.50 on Valentine’s Day gifts this year, which is down from $122.98 from last year, according to the survey.
People are cutting back on gift spending this year because of the downward economy, Grannis said.
“They may be trading down,” she said. “Instead of spending on a diamond necklace, they are getting gold bracelets.”
Jewelry store owner Yosef Adde also has sold fewer big-ticket items, and some customers have purchased smaller and less expensive diamonds for engagement rings.
