Mens markets all across different industries surged in recent years. But women still remain as a great market when it comes to jewelry. Yet, after the global financial crisis, women’s buying habits and overall consumer behavior shifted as luxury becomes less of a priority.
Even in the past, women have been a big consumer of jewelry and other luxury items. If men love to tinker with their fast toys and gadgets (cars, bikes and computers), women love to express with their brilliant metals and stones (gold, platinum and of course, diamonds). And just like men, women today would rather buy jewelry than receive them as gifts, though a beautiful necklace will not be turned away.
In the past, there are just one female in every 100 millionaires but this dramatically increased in recent years to one female in 10 millionaires. But female consumers, though have the ability to be extravagant, do not spend as much in impulse nowadays. And knowing how to attract the largest market in the jewelry and fashion industry will be vital for any retailer.
Women today buy 90% of all silver jewelry in the market. They are also the primary consumer of gold, take up 60% of the industry. Men are more attracted to white metals but women still buy 30% of all platinum jewelry. Yet trends suggest that a shift is evident even in white metals as sales of womens steel jewelry are on the rise.
Though the luxury industry is in for a bumpy ride due to the shift from conspicuous consumption to modest luxury, the jewelry industry remains to be resilient. Products, like stainless steel jewelry, that can be crafted to project elegance and luxury without the accompanied guilt of overspending are now sought after by many women. Female customers on average are now setting a threshold of $700 for impulse buys. That is why many retailers today are reacting by setting the prices of their products on $200 in average to attract more female customers and also other markets.
Understanding consumer behavior should always be a priority for retailers in luxury markets like jewelry. And knowing how to attract the interest of women, the biggest consumer of jewelry today, can bring great profits to a business even in critical economic times.
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