Author: Annette Malave, SVP/Insights, RAB
Although some adults have already started their holiday shopping, there are some that will wait for the right time to purchase something new and shiny – for themselves or as a gift. The new and shiny isn’t a car, it’s jewelry.
Like other industries, jewelry was impacted by the pandemic in 2020. Sales dropped significantly, but it was not just because of store closures. Weddings, engagements and celebrations also came to a screeching halt with postponements and/or cancellations.
By the fall of 2020, brick-and-mortar businesses began to reopen, and consumers began to shop. That shopping included fine jewelry. A 2020 survey from De Beers Group found that both men and women were likely to purchase and/or receive diamond jewelry. In this same survey, nearly two-thirds of the respondents stated that they were more likely to give a significant gift to a loved one than before the pandemic. In this same survey, the overwhelming finding was the sense of “buy less, buy better.”
In 2021, times have changed. In another study released by The Plumb Club, respondents were purchasing jewelry to mark a special occasion (48%), for “no reason needed” (23%) or for personal reward (12%). These were just some of the reasons. When it came to important factors, quality, design and uniqueness ranked as the top three considerations when looking for jewelry. As for location, over two-thirds prefer to purchase at a brick-and-mortar location – with 25% preferring independent jewelers.
With the preference to purchase fine jewelry at physical locations, no medium is better at reaching consumers and connecting with them in a local market than radio.
Radio reaches 87% of adults 21+ who have shopped in any jewelry store in the past three months. When it comes to fine jewelry, radio reaches adults 21+ who spent $500 or more on fine jewelry in the past 12 months.1
Jewelry is also about fashion and style. Radio listeners have specific views. Seventy-three percent of adults 21+ prefer fashion that is classic and timeless as opposed to trendy.2 This is a key insight that should be included in the messaging by jewelry retailers when describing their fine jewelry inventory. Also, of those adults 21 years of age and older who often spend more than they expected on their fashion purchases, 69% are radio listeners. 2 Noting quality, as well as style, is another element that should be included as part of any radio marketing campaign message when reaching jewelry shoppers.
As a high-reach local medium, radio can help fine jewelry retailers to reach in-market shoppers to help them find that new shiny object.
Source: 1Scarborough USA+ 2021 Release1; 2MRI-Simmons, Spring 2021