Jewelers Losing Dominance in the Jewelry Market -- New Unity Marketing Study Shows Jewelers How to Capture Back their Lost Share
New study of the jewelry market is packed with ideas to help jewelry retailers boost sales this holiday season and beyond
As if the recession wasn't bad enough, jewelers and specialty jewelry stores have been hit by a number of additional factors that have hurt their businesses, according to a new study of the jewelry market published by Unity Marketing. Specifically:
- Jewelers are challenged by the rising cost of precious metals, which has caused consumers to seek out more affordable alternatives, such as new metals like palladium, plated metal, costume jewelry and faux gems like CZs and moissanite to consumers looking for value.
- Jewelry shoppers have turned their back on jewelry stores as their chosen place to shop and have instead favored department stores, internet websites, artisans and art galleries, TV shopping and discounters for new jewelry pieces. Etsy.com is emerging as an online destination for jewelry customers that want that handmade touch.
- With a new value consciousness, today's jewelry consumer is finding she can pick up a new piece for a great price if she shops smart. That is one reason why the average amount jewelry shoppers spent on their last piece of fine jewelry declined by nearly 60 percent from pre-recession 2007 when the average price was $734 to $466 in the most recent survey.