A recent article in National Jeweler referenced studies by The Knot and identified a drop in spending for both weddings and engagement rings last year. The Millennial’s focus on experience continues to buck tradition in ways that have many jewelers scratching their heads.
For instance, when’s the last time you attended a wedding in a church? Outdoor and destination weddings have become much more popular. It’s about the experience, even if it’s ridiculously inconvenient for those who have to travel to attend. It’s also part of the desire of Millennials to do something original, meaningful, and memorable – and post everything on Facebook and Instagram. I’m reminded of a friend who had to fly out of state and then drive two hours to attend a camp-out wedding and post-nuptial river-raft excursion. Certainly unique, but totally self-centered.
When it comes to engagement rings, the trend is most certainly on individuality, giving rise to more and more custom pieces. Young people want something different – something all their own. The use of colored gemstones is rising and, to the disappointment of many jewelers, so is the request for man-made diamonds as center stones.
But instead of criticizing, let’s analyze. What does all this mean to jewelers who have to adapt and change their focus in order to accommodate a whole new generation of buyers? What worked in the past may not work today, so what do you need to do to meet these changes head-on? Often it requires a paradigm shift.
One jeweler said it so well the other day. He became convinced that the direction of his business had to change, and when he reviewed his inventory, he found his merchandise to be totally out of sync with his new direction. He called us and asked what he could do. We held an inventory reduction sale event for him that cleaned out most of his aged and under-performing products, gave him a cash windfall that allowed him to buy new merchandise that fit with his new vision, and increased his mailing list by 30%.
If this is what you need to fit with your future vision, give us a call or drop us a line. We’d love to discuss the possibilities with you.