TO CONSUMERS, THE purchase of fine jewelry is strongly associated with a pleasing atmosphere, expert advice and personalized services. Ensuring that the in-store experience provides a customer with knowledgeable advice, personal engagement and “hands-on” opportunities has always been one of a jewelry retailer’s strongest tools in ensuring a customer’s return. But today’s customer wants a shopping experience that is tailored to the convenience of their time and to a place they wish to shop. Further, they want a retailer to reflect the values they deem important, while appealing to their own self-appraisal. Retailers are also faced with consumer demand for a quality and personalized omni-channel experience that ties together the physical store with digital / online, including social media.
For retailers who receive a copy of a new comprehensive survey commissioned by The Plumb Club, a coalition of over 50 best-in-class suppliers to the jewelry and watch industry, the emerging phenomena is explained with insights on what retailers need to demonstrate to remain relevant and in-touch with the evolving customer to turn them into repeat purchasers.
Some insight the consumer survey shares is that 79% of consumers say the look of the shop influences their jewelry purchase.
Equally important to consumers is that the jewelry salesperson has credentials, certificates or education about diamonds, gemstones and jewelry. 78% of consumers determined this to be either very “important” or “important” to the purchase decision. Beyond the store, 55% of consumers feel it is “very important” or “important” that a jewelry retailer maintain an online presence, update photography and content, have a social media profile and is also involved in the community.
Consumers also noted that when choosing a retailer, a commitment to sustainability was important, as was a retailer who demonstrated diversity and inclusivity with 71% saying they would be willing to pay more for a retailer’s commitment to sustainability and 69% willing to pay more for a retailer’s demonstration of diversity and inclusivity.
These emerging phenomena and consumer opinion from the study echo the rise in demand for sustainable and gender-fluid jewelry. The research cites the global jewelry market size was valued at $249.02 billion in 2021 and is expected to reach $518.90 billion by 2030. The emerging phenomena noted above are cited as some of the factors boosting the growth of the market.
In addition to seeing themselves and their beliefs mirrored in the marketing and messaging of the stores they choose to shop in, customers decidedly want be made to feel “special” by those retailers. 64% say they would like to have VIP benefits, such as early access to new products and exclusive access to events and discounts both in store and online when purchasing jewelry. In addition, they also indicate that this type of special treatment would be beneficial to the retailer, too. 75% of consumers say that they would be willing to purchase more from a specific retailer in order to achieve VIP benefits.
The insights shared here are part of a multi-faceted research study initiated by The Plumb Club with the assistance of Paola Deluca, The Futurist, and Qualtrics, a world-renowned survey and analytics firm. The study was conducted with a sampling of over 2,000 men and women from the ages of 25 – 60 with a balanced demographic and psychographic mix across the US with the goal of understanding how individuals engage with jewelry. Respondents had all attended some college or higher and had a combined household income of at least $75K/year. Additional information from this expansive research will be shared over the next several weeks. Any retailer wishing for more information on The Plumb Club Industry and Market Insights 2023, should contact their Plumb Club Member vendors or visit a member during the JCK show at The Plumb Club Pavilion. A full listing of Members can be found here.
