Author: Annette Malave, SVP/Insights, RAB
Graduations have begun, as have weddings. Festivities and gatherings are in full swing. As is the case with many events like these, jewelry of some sort is given to mark the occasion.
Jewelry isn’t always about gift giving. Sometimes jewelry purchases are made to recognize achieving a goal, getting a promotion or simply, just because.
Whatever the reason for the purchase, jewelry sales continue to climb. According to the MasterCard Spending Pulse™, April 2022 jewelry sales increased 33% over April 2021. When comparing to pre-pandemic, the growth is even higher – nearly a 52% jump compared to April 2019.
Jewelry, be it a ring, bracelet or watch, is very personal. It is reflective of a person’s personality and personal sense of style. Buying jewelry is also an experience. It’s one thing to see a diamond or gemstone, but it is an entirely different experience to try it on in person.
According to a recently released report released by Provoke Insights, consumers are purchasing jewelry everywhere, but are still very much shopping in-store. When it comes to radio listeners who purchased jewelry in the past month, buying in-store still strikes gold – at 44%.
Not only is in-store shopping the oft-used method of purchasing jewelry, but it was also the more pleasing experience. Based on a top two/bottom two on a five-point scale, radio listeners who purchase jewelry, were more pleased with the overall in-store shopping experience regarding product availability (38%), the store cleanliness (40%) and customer service they received (43%).
Radio listeners are also brand loyal. Twenty-two percent of radio listeners who purchased jewelry, only purchase a particular brand of jewelry and 22% mostly purchased a particular brand. They are also concerned about sustainability and causes. Fifty-nine percent of radio listeners who purchase jewelry are willing to pay more for items that are sustainably sourced.
Everyone at some point purchases a piece of jewelry – for themselves or someone else. Using a mass reach medium, like radio, should be part of any jewelry retailer campaign. Radio reaches 86% of adults 18+ who have shopped at any jewelry store in the past three months – costume or fine jewelry, according to Scarborough. These retailers should also incorporate what matters to radio listeners based on the Provoke Insights report. Highlighting inventory, sharing product availability, good customer service and the experience the listener will have shopping at their location are key. Retailers including these insights will surely make them shine against the competition.
RAB members can view the Provoke Insights report here.