Who are the jewelry buyers of today? Is it women of all ages?, spouses looking for the right gift? Is it the fashion conscious person? Is it that someone looking for that unique artisan piece.
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 the women as active jewelry
consumers and how selling to them requires a different approach.
are savvy and want more for their money. They will also tell you how
jewelry preferences go in cycles, and it's important to follow
cultural 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:
Women today continue to gain business confidence and financial
independence. In fact, according to the Business Administration, more
than half of small businesses starting today are owned by women. In the
past decade, women millionaires have increased from one in 100 to one in
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 budgets. They have influence
and decision making power.
Women as Jewelry Buyers
These finance savvy women are being 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.
When buying jewelry for themselves, women are eager to upgrade to
platinum and higher-karat gold, but they've exhibited an average
spending threshold of $700 for impulse items. Bracelets and earrings in
platinum and higher-karat gold under this price threshold have seen the
largest percentage increases in sales. Remember, however, this is an
average, which means some women will easily spend more. Reports also
demonstrate that they will look for that unique one of a kind artisan
piece of 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.
Women today are looking to build a relationship 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 earrings that complement her face are also effective tools.
The charitable, community or environmental activities your business
is involved in may become an important consideration in retaining the
jewelry buyer of today.
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