Typically, jewelry is often seen as something a man purchases for a woman as a way to express his love or celebrate a milestone.
However, more women are shopping for jewelry for themselves. Like shoes and purses, jewelry is now a more attainable indulgence.
Who are female self-purchasers?
The most prominent group of female self-purchasers are Gen X females between the ages of 35 and 55. They have been in the workforce for a significant number of years and are established in their career and not afraid to spend a little money on themselves.
Forbes.com reports that women control $20 trillion in annual consumer spending around the world and that includes jewelry purchases.
The good news is when a woman buys jewelry for herself, it’s something she picked out to show her sense of style and reflect who she is. This, in turn, reduces the rate of return as she appreciates her satisfaction more than a surprise gift.
What types of jewelry are they buying?
According to Lyst, the world’s largest fashion search platform, women make up 78% of their women's jewelry purchases. They are not always buying diamonds or other gemstones and are likely to spend less on an individual piece. However, they buy up to three times more jewelry.
Different regions of the U.S. see different trends in jewelry buying, but one common theme throughout the country is simple, classic and sophisticated pieces that women can wear everyday (think diamond studs and bracelets, watches, etc.) While the Northeast is quick to adopt trends and Southern California buys more flashy pieces, they also have their everyday classic pieces.
Another trend becoming more mainstream is women starting to help pay for their own engagement ring. Because engagement rings can be pricey — with the average ring cost being over $6,000 — some couples are choosing to split the cost.
Some women consider their jewelry purchases as an investment, like buying property or shares in a company. Women also see jewelry as a bond between generations, an heirloom to be passed down to their children and grandchildren.
How to connect with female self-purchasers
The female self-purchaser is looking for fashionable, unique and creative designs including classic pieces that are affordable, presented in a unique way and an enjoyable shopping experience.
Here are a few ideas on how to provide your female shoppers what they are looking for:
- Have a selection of jewelry that is affordably priced — $50-$2,000 is typically considered affordable when it comes to jewelry. Women tend to be budget-minded and have a dollar threshold they are willing to spend on certain items.
- Consider creating your own collection with special displays and names. Be sure to check out pantone.com to see the seasonal color palettes that can help you create a collection. Don’t worry, you don’t have to purchase new inventory, but changing up the presentation of the jewelry can keep your inventory looking new.
- Women typically spend more time window shopping, so be sure to put some of those collections in your store window to attract the female self-purchasers to come inside. Once you have them in your store, make sure their experience is enjoyable.
- Social media for the win! Brands have noted the visual appeal of Instagram and how showing their jewelry worn in an aesthetically pleasing way has helped customers relate to the product and imagine themselves wearing the piece.
Purchasing jewelry is an emotional experience and can be a large investment. Give your customers the peace of mind they crave with an easy-to-use care plan from Jewelers Mutual.
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JM™ Care Plan is an easy way to elevate your customer service and differentiate your customer experience. And, as the jeweler, you receive an additional revenue stream for completing repairs and can compete with care plans that chain stores offer. |