2021 will see a surge of 650k weddings, bringing the total 2021 number of weddings to 2.77 million versus a normal year of about 2.12 million. Despite challenging times and changes to many original proposal plans due to COVID-19, couples around the nation continued to strengthen and progress their relationships, showcasing how even in the most challenging times love cannot be canceled.
For the jeweler, this surge in weddings brings even more opportunity for sales. The sales potential extends well beyond engagement and wedding rings. The betrothed will be looking for pieces to complete their look, as well as for gifts for their bridal party and parents, and this represents a sterling opportunity for silver jewelry sales. Silver offers the perfect white metal options and price points to personalize each bridal accessory and every wedding party gift.
Add up the potential:
The Engagement Ring
According to The Knot 2020 Jewelry and Engagement Study, the average cost of an engagement ring is currently $5,500. The study found that one-fourth of all respondents are spending between $1,000 to $3,000 on their engagement ring. In fact, 11% of ring shoppers are spending under $1,000.
However, the purpose of this article is not to focus on the engagement and wedding rings, but to illustrate how much potential business there is in offering suggestions for accessorizing the bride, groom and bridal party.
Look at the opportunity:
The most popular ring setting material:
White gold 48%
Yellow gold 16%
Rose gold 14%
Sterling silver 7%
This adds up to 68% of ring purchases in white metal.
Perfect for coordinating with sterling silver jewelry for all of the bridal party accessories!
Accessories for the Bride
The bride spends $300 – $1000 on jewelry alone to accessorize her look. Although the average spent by the bride for the perfect accessories varies greatly, on jewelry alone estimates are from $300 – $1,000. Engagement and wedding rings typically get the most attention of all jewelry accessories, but wedding jewelry extends far beyond the bride’s fingers. In fact, the right jewelry pieces will enhance the entire look from head-to-toe. From classic pendants and layered bracelets to elegant earrings, this is where you can suggest a range of sterling silver jewelry that fits both her budget and her personal style.
What the bride buys to finish her look:
69% purchase earrings
37% select bracelets
35% choose a necklace or pendant
One or two carefully chosen pieces is likely all she’ll need to shine. Of course, the most important thing is that she feels radiantly beautiful wearing whatever pieces she’s chosen.
Silver is the perfect accessory for brides
- Silver offers a variety of style options to personalize their look
- Silver is a white metal that goes with 68% of engagement ring settings
- Silver fits their budget
- Silver is a precious metal
- Silver is a lasting keepsake
Today a large percentage of grooms are choosing to buy their formal wear instead of renting. Whether wearing a suit or a tux, the groom also buys jewelry to complete his look. On average he spends a little over $400! Most grooms add an element of sophistication with cuff links, some prefer a link bracelet or a very “on trend” brooch. Each adds a touch of class and personality.
Gifts for The Bridal Party
When the betrothed couple are in to select their wedding rings, suggest bridal party gifts that can be personalized for each member of the group. You have already gained their trust. Now is the time to build on it by suggesting timeless, classic styles in silver to suit each personality.
Gifting silver jewelry when it comes to bridal party presents is a thoughtful and affordable gesture that will add a beautiful finishing touch to their wedding outfits. Each time they wear the piece they will be reminded of the amazing journey they all took together.
The bridesmaids have helped plan, prep and pull off every detail of the wedding from the start. Suggest the precious gift of sterling silver for a special gift that can be cherished for years to come.
Amanda loves bracelets, Dana’s birthstone is amethyst, the possibilities in silver jewelry are endless.
Gift the gift of sterling cufflinks, so when it’s time to dress up for the wedding the groomsmen will have stylish designs that they can wear again and again. Timeless cufflinks make classic accessories he can wear during the wedding ceremony and future formal occasions.
Something Borrowed Something Blue, Something from Me to You
It is common for the bride and groom to purchase a gift for each other to give on their big day. By watching their responses to other selections, you should be able to quietly suggest the “perfect gift” for each other.
Gift for the Parents
According to the Wedding Wire the average couple pays for roughly 45% of their wedding cost, with parents and family footing the remaining bill. This is all the more reason why the couple usually buys something special for parents to thank them for their support. With silver the options are unlimited. Sentimental gifts that they can cherish forever
Yes, opportunity awaits! Send a reminder to the groom a month in advance and a happy anniversary card to the couple and you might have customers for life!
From the engagement to the 50th wedding anniversary, bridal and wedding sales add up to multiple sales opportunities and return customers for years to come.
Add up the potential of thousands of dollars in silver sales. Make sure that you have the right selection of styles for every to-be-wed couple. Visit savorsilver.com to find the right collections and capture this great growth opportunity.