< THURSDAY, AUGUST 2ND, 2018, ISSUE NUMBER 229 >
Jewelers: Target Female Self-Purchasers

American women are spending billions of dollars on shoes, handbags and other accessories, but jewelers appear to be missing out on this bounty. Knowing which women to target, and what they like to buy, could make the difference between just surviving and truly thriving, especially during these challenging days.

 

The Opportunity for Jewelers – Female Self-Purchasers

Since women control spending and have significant income of their own, how can jewelers convince those female shoppers to come into their stores to buy jewelry?

 

Currently, about two-thirds of jewelry sales in America are tied to specific annual calendar events. For example, Valentine’s Day, Mother’s Day and Christmas are key calendar selling seasons for jewelers. Shoppers also buy jewelry to celebrate birthdays, anniversaries and other key milestone events. These sales are driven by an external lifestyle event that often occurs annually.

 

Only about one-third of all jewelry is sold for an occasion not tied to a particular calendar period. These special occasions are often a reward for earning a bonus or a promotion. In addition, jewelry is often bought for no specific occasion – women simply find a piece of jewelry attractive enough to purchase it for themselves.

 

The opportunity for jewelers is to capture the attention of this affluent female self-purchaser and to increase the frequency of those shoppers’ store visits in order to gain a top-of-mind position, both for the jewelers and the jewelry they sell.

 

How Jewelers Can Capitalize on the Opportunity

In focus group interviews, women say that jewelry is perfect for celebrating life’s milestones. For example, women think a gift of jewelry is appropriate for marking a promotion, earning a degree, surviving cancer, running a marathon and spending part of an inheritance on a piece to remember the love one. Jewelry can even mark the end of the divorce process, according to some women.

 

  • Self-purchasing Boomer women represent a special opportunity for jewelers. They have the soundest financial base and the women are in a place in their marriage where they don’t need to wonder how their husband will perceive their purchase.
  • Among Millennials (Americans born between 1979 and 1998), more women are graduating from college than men. Those women are holding more white-collar well-paying jobs. In some metropolitan areas, Millennial women are making more than Millennial men.
  • Jewelers need to focus on milestone events with customers, especially the Millennials. They should point out the function of jewelry as an accessory to their wardrobes. Staples like studs, a right-hand ring, a tennis bracelet and other core pieces should be presented to all women.
  • Jewelers should assume that the woman is shopping, buying and paying for the purchase. Far too often, jewelers assume that there will be a male who will come in and plunk down a credit card as payment. That’s a false assumption in today’s market.
  • Women love shopping and they pride themselves on the art of the deal. Retailers must be at the top of their game to reach this lucrative consumer base. Women take their time shopping. They not only appreciate fashion – style and design – but contrary to popular opinion, they want the “specs” of the jewelry so they can verify that they are getting a good value. 
  • Jewelers need to recognize the other merchants which are vying for the same discretionary spending of self-purchasing females. Jewelers’ competition includes those merchants who sell the following items:
    • Scarves
    • Sunglasses
    • Shoes
    • Handbags
    • Cosmetics
    • Accessories

IDEX MAGAZINE
P.O.Box 3107, Ramat Gan 52130, Israel.
Tel: 972-3-6124136
Email: magazine@idexonline.com
Copyright IDEX Online S.A.