We’re willing to bet that there isn’t a time in U.S. history when jewelry wasn’t popular. And, based on a recent study, it doesn’t appear as if there will ever be a time when jewelry goes out of style. According to The U.S. Jewelry State of the Market Report, jewelry sales in the United States have steadily risen thanks to millennials – an age group that is spending more on jewelry than any other.
As reported by Erika Winters on PriceScope.com, in 2014, American consumers between the ages of 25 and 34 spent 28 percent more on fine jewelry pieces than the average household. Members of this young generation, however, appear to be very savvy spenders. The study finds that in spite of their penchant to spend money on jewelry, they are not overspending. In fact, they spend less on each piece they buy, getting more for their money.
The ways in which millennials spend money is also putting on display a new and ever-growing trend. Online shopping, reports Winters, is one of the main methods that millennials are using to make their jewelry purchases. She points out that, thanks to increased spending by this younger age group, jewelry sales grew by 1.4 percent in 2014 for a grand total of $68.8 billion in sales. Watches appear to be among the most popular purchases.
The U.S. Jewelry State of the Market Report reveals that watch sales increased by 7.7 percent for a total of $9.8 billion. “Per household, the average fine jewelry expenditure reached a record $434,” reveals Winters, “With watches added, the average household jewelry expenditure rose to $612.” Evidently, our younger generation is continuing, and even growing, the trend of appreciating the beauty of jewelry.
Jewelry industry analyst, Edahn Golan authored the report. “The US Jewelry State of the Market Report contains precious data never before seen in the diamond industry, including detailed demographic breakdowns of who is buying what and for how much,” he is quoted as saying, “It proves that millennials, today’s 20-35 year olds, are driving consumer demand for diamond jewelry in a way that is different from their parents. They are spending more and buying less in a market that is sometimes overwhelmed with product choice.”
What do these findings mean for your jewelry store? Well, firstly it indicates that there is always room to add to your customer base. The younger generation is very interested in what you have to sell and, as a result, you should be looking for ways to advertise to them. You have a very special opportunity quickly coming up in Black Friday. But even past Black Friday is the rest of the holiday shopping season to invite jewelry hunters to your store.
At TK Enterprises Inc., we specialize in making strong connections with your customers through personal invitations to in-store events that you host. Our talented team of phone agents makes over 250 calls per person, per day and with over 6,000 square feet of office space and about 100 callers working at a time, we can reach a large number of customers in a short span of time. Our clients have enjoyed great success with the help of our Retail Event Marketing services.
For more information, please don’t hesitate to call us toll-free at 1-877-622-0195. You may also email us at heidi.tke@tomkaufmann.com.