Jewelry sales have seen a significant increase in the past years, likely to continue as economies continue to recover from the global recession. While this is great news for jewelry makers, it also means there is fierce competition to look out for. Success, more than ever, means not just being creative but also paying attention to industry tendencies in order to adapt to an ever changing market, as the following trends currently influencing the jewelry market show:
Preference for branded, quality jewelry
Everywhere, but particularly in developing countries, there is a high preference for branded jewelry. The reason is obvious, as renowned brands are perceived as more trustworthy – and customers are happy to pay more for products they can trust. That being said, brand marketing has become a vital part of business for many in the industry and we will likely see more and more marketing campaigns in the years to come.
Growing demand for affordable jewelry
Consumer preference for branded jewelry and a growing demand for affordable jewelry have already convinced some high-end jewelers that they need to expand their offer to include less expensive pieces. More than just helping younger generations become acquainted with the brand, it alsoprovided access to a wider market. To date, Tiffany’s affordable luxury line accounts for around a quarter of its sales– quite a lot if we consider that their profit margin for this line is higher than that for their higher-end jewelry pieces.
Rising habit of online purchasing
However, in today’s globalized world a strong brand and even lower pricesare not the only aspects that matter. Considering the important share of online jewelry sales, another focus has become the online customer experience and the additional services retailers and jewelers can offer to these customers.Not taking advantage of the opportunities brought by the Internet means losing out on a significant volume of sales.
To conclude, the current market seems to offer development opportunities to those companies with an adaptive business mentality, focused on quality but who also understand that their clients are not always interested in high-end products. Moreover, we are witnessing a change in how business is done, highlighting how important it is to have a proper online presence – something to remember if you are in the business of selling jewelry.