How many customers who buy engagement rings come back to buy wedding rings?
| More than half |
|
61%
|
| About half |
|
18%
|
| About a third |
|
9%
|
| About a quarter |
|
8%
|
| Less than 10% |
|
3%
|
| Almost none |
|
1%
|
MORE THAN ANYWHERE else in the world, jewelry retail in America is about the engagement ring sale. That typically one-carat centerstone and its white gold setting also happen to be the glittering centerpiece of the trade, and that goes for just about everyone involved in the business, from the fancy upmarket stores to the suburban mall chains to the little downtown custom shops. With all that focus on the diamond and the setting, it’s perhaps not surprising that jewelers often forget to push the humble band sale. According to a widely referenced survey by the TheKnot back in the aughts, about half of jewelers don’t get the follow-up sale on the bands, a fact that has driven sales trainers and management consultants mad – surely if a customer trusts you to provide their engagement ring, the band should be a gimme!
Well, we have some good news from the 2021 INSTORE Big Survey – jewelers are getting better at sealing the band sale: More than 60 percent said their engagement ring buyers come back to buy the bands from them more than half the time. Another 18 percent said they get the band sale about half the time, while 21 percent said they secure the band sale about one-third of the time or less.
Sure, it suggests four out of 10 jewelers appear to be leaving money on the table but it’s an improvement.
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In other findings in the 2021 Big Survey, 42 percent of jewelers answered “the stone” when we asked them where the money was in an engagement ring sale. That was just ahead of “the setting” (37%) and a long way ahead of “the design work” (11%). In one other finding, almost one in five jewelers said same-sex engagement/wedding ring sales were not accounting for 10 percent of more of their sales in this category.
The 2021 Big Survey was carried out between August and September, attracting almost 600 anonymous responses from owners of independent jewelry stores across the United States and Canada. The full results can be found online here.
Closing With Confidence: How Bailey's Fine Jewelry Achieved Outstanding Results With Wilkerson
When Trey Bailey, President and CEO of Bailey's Fine Jewelry, decided to close the Crabtree location in Raleigh, North Carolina after 15 years, he knew the decision needed to be handled with intention and professionalism. The goal was clear: exit the location while maintaining financial strength and honoring the store's legacy.
Having worked with Wilkerson successfully in the past, Bailey understood the value of their comprehensive approach. "They understood both the emotional and financial sides of the store closing sale," Trey explains. "Their reputation for professionalism, results and care made it a very easy decision."
The results exceeded expectations. Wilkerson helped Bailey's sell through significant inventory while maintaining the dignity of the closing process. "They don't just run a sale, they help close a chapter in the best way possible," Bailey says, strongly recommending Wilkerson to any jeweler facing a similar transition.
