The economy has a great influence when it comes to consumer behavior. Due to the global recession, businesses across all industries had to get innovative whether it is the product they sell or the customers they target.
One of the more resilient industries after the economic crisis began is the jewelry industry. Because it is considered a luxury, many people had low expectation on how jewelry businesses will fair when the recession took its toll but the industry surprised everyone due to its staying power.
High end retailers started offering alternative metal jewelry like titanium, tungsten carbide and stainless steel jewelry to soften the blow of the recession. By giving inexpensive options, retailers provided their customers luxury even in hard economic times. Alternative metal jewelry also opened many businesses to other consumer markets in the form of younger people.
According to research, many people develop brand loyalty during their teenage years that can last up to adulthood. Because of this, targeting the youth as a market can be very rewarding to a jewelry business. Teenagers have control not just to the products that they buy but can also influence their parents’ purchases.
As of the moment, alternative metals like stainless steel jewelry have great appeal to the young market. Due to their limited spending power, stainless steel jewelry got the attention of younger customers because of its affordable price and good quality. Also, jewelry retailers must not forget that it is natural for customers to buy up in time and tapping the youth as a target market by offering inexpensive products can have profitable results for years to come. These products introduce the business brand to these customers, who usually tend to buy up as their social or economic status improves.
The resilience of the industry can be connected to how entrepreneurs have innovated and became flexible on how they do their business. Not being afraid of exploring other facets of the business gave jewelers the ability to adapt and survive. Jewelers began offering fresh and innovative products in affordable price point and expand their consumer markets which appeared to be a great strategy to recession-proof their businesses.
