Who are the jewelry buyers of today? Is it women of all ages or spouses looking for the right gift? Is it the fashion conscious person? Is it the someone who’s looking for a unique artisan piece?
The point I want to bring through is that knowing the trends in the jewelry market can help you define a niche to sell to.
When you ask a jewelry sales associates these questions, they will tell you the importance of recognizing women as active jewelry consumers and how selling to them requires a different approach.
You see, modern women are savvy and want more for their money. They will also tell you how jewelry trends go in cycles and it’s important to follow current trends to continue selling to women successfully.
But how do these two concepts relate to each other and, more importantly, how do they affect your business? Let’s take a look at the woman consumer of today:
The modern women has gained business confidence and financial independence. In fact, according to the International Business Administration, more than half of small businesses are owned by women. In the past decade, women millionaires have increased from one in 100 to one in 10.
Most women today handle the family finances and they control approximately 60% of the wealth in the United States. Women continue to volunteer and run large organizations and manage budgets. They also have influence and decision making power.
Women as Jewelry Buyers
Finance savvy women are more aware of their spending habits and making wiser choices. In 2008, women made or influenced 87% of all consumer spending decisions.
In jewelry, women now buy 90% of all silver jewelry, 60% of all gold jewelry and 30% of all platinum. These wise jewelry buyers are staying away from low-end goods and buying fewer but higher-quality pieces.
In fact, more and more people are heading to online e-commerce stores to buy expensive pieces of jewelry like diamond rings. In recent years, there is also an availability of resources online like Beyond4Cs.com and Google.com to help consumers perform research.
The bottomline is: Failure to build an online presence will only serve deter potential customers as the Internet has become more and more prevalent.
When buying jewelry for themselves, women are eager to upgrade to platinum and higher-karat gold. On top of that, they’ve exhibited an average spending threshold of $700 for impulse items. From consumer reports, bracelets and earrings in platinum and higher-karat gold under this price threshold have seen the largest percentage increases in sales.
Remember, this data is an averaged figure. This means some women will easily spend more while some might spend less. The latest jewelry reports also demonstrate that they will look for unique one of a kind artisan jewelry that matches their fashion style.
In the fast pace world that women move in today, time is more precious than gold.
Women today are looking beyond just jewelry. They are looking for customer service, knowledge and business ethics. They want to build a business relationship with a jeweler through the personalization of products and services.
This is where determining a fashion taste, contacting her when you complete a piece of jewelry will make a difference.
Knowing their personal color palette or helping her choose suitable earrings that complement her face are also effective tools to making additional sales.
The charitable, community or environmental activities your business is involved in may become an important consideration in retaining the jewelry buyer of today. This is because consumers want to support businesses with a good cause.
The Hierarchy of Needs
For many people, jewelry symbolizes the fulfillment of many of our hierarchical needs that lead to happiness. Quality unique jewelry sends the world a message stating “I am successful”. Jewelry also represents financial security, love and self-esteem. And when you incorporate these elements into your work, you will be successful.