Gone are the days of “honey, may I …?” In 2020 the global female income was expected to reach $24 trillion annually, up from $20 trillion in 2018, and it is estimated that by 2028 women will own 75% of the discretionary spend, making them the world’s greatest influencers. In fact, currently in the U.S. women drive 80-85 percent of all consumer purchasing, through a combination of their buying power and influence.
However, the way women are influenced to make decisions is continuously changing. Research from SheMedia has indicated that female consumers are increasingly looking to “everyday experts” on social media to guide their purchasing decisions, showing a shift away from relying on celebrities and bloggers for reviews and endorsements.
When it comes to buying jewelry – women have taken the lead for years now in purchasing jewelry for themselves. Women view jewelry purchases as a reward or “just because.”
Other interesting data includes:
Women account for 78% of women’s jewelry purchases on Lyst
Lyst, one of the world’s biggest fashion platforms, shows that women have broken the cliché of men buying jewelry for them. Since they entered the labor force and became financially independent, the female purchasing power increased, making them the most prominent demographic in the jewelry market segmentation. The available data shows that most jewelry-purchasing women are 35-55, with stable careers and willing to spend it on treating themselves.
51% of Millennial women buy their own jewelry according to a Capital Counselors study
Millennial shopping trends suggest that top reasons for making a jewelry purchase were for commemorating an event and rewarding themselves for a goal they achieved. Another 14% of Millennial female shoppers bought jewelry as a gift, while 18% stated that the jewelry they wear was a gift from a significant other.
Silver is the second most preferred metal for jewelry according to MVI Marketing’s 2018 study
MVI’s study asked survey-takers about their preferred metal for jewelry, and the results were led by white metals: 35 percent said white gold, 17 percent said silver and 15 percent said platinum.
According to an American Express study, Millennials in the U.S. tell around 17 people of their positive service experience
84% of Millennials and 79% of older customers like to share their opinions and experiences. This presents a significant opportunity for jewelry retailers!
The Women’s Jewelry Association presents “March is Me Month.” 2021
This comprehensive marketing campaign was developed, to empower female consumers to celebrate themselves with a fine jewelry self-purchase. The “March is Me Month” campaign aligns with International Women’s Day on March 8th and will run from March 1-31, 2021.
Women today are not waiting to receive jewelry from partners or the special person in their life, but are increasingly buying their own jewelry. And they buy jewelry just because, jewelry that suits their mood or a new outfit. They are buying themselves jewelry as tangible evidence of their career success.
The Silver Advantage
The Silver Promotion Service (SPS) annual retailer surveys have continually reported that jewelry retailers state that, “female self-purchase is the best-selling opportunity for silver jewelry.” The 2019 study reported that the age group buying the most silver was 20-40 at 63%.
Lyst has also found that women are likely to spend less on individual pieces than men, but that they buy up to three times more jewelry. An example – male shoppers spent an average of $327 per necklace, while females generally spent just over half that, or $176. They also found that women tend to be budget-minded and consider $50 to $2,000 an affordable price range for jewelry. Recent SPS retailer studies report that the best-selling price points for silver jewelry is in the $100-$500 range. Only jewelry designed with silver can offer the variety of styles and price points to meet the wants of this ever so important and growing retail consumer segment.
Designers love working in silver because it allows them to create a broad range of designs at price points that fit every budget. Why not offer this growing consumer segment a “wish list system” where she can list her preferences and then contact her when new styles arrive? Visit savorsilver.com to find a variety of silver jewelry designers and brands to build your “Treat Yourself Collection” and keep her coming back time and again.
Sources: Nielson 2019 & 2018 surveys ,Eye See Insights, Lyst, SheMedia, MVI Marketing.