Female consumers increase jewelry sales, spur new service tactics
Women are taking charge more than ever before - rather than waiting for a man or loved one to buy her a gift, leading ladies are opting to make jewelry purchases themselves. A leading jewelry retailer revealed that they have seen an uptick in sales from female customers in the first half of this year's sales. A study from the Pew Research Center released back in May confirms that women are making their way to the top, with four out of 10 households relying on the woman's sole or primary source of income to support the family.
Are females the new breadwinners?
"As more women establish high-powered careers for themselves, their buying power increases and they can now afford to enter the world of luxury automobiles, property and designer jewelry," stated Joe Carullo, designer sales director for a leading jeweler based in New York.
The Pew Research Center study concluded that 47 percent of the workforce is made up of female employees - that's almost half of the U.S. labor force! The study also revealed that 37 percent of married women out-earn their husbands and 63 percent of homes are run by single mothers.
This newfound independence is leading many women to treat themselves to a piece of fine jewelry as a reward for their hard work and accomplishments. From diamond necklaces, bracelets and earrings to the increasingly popular right hand diamond ring trend, women are no longer using their custom jewelry solely as a fashion statement, but as a way to convey their success and empowerment.
Building better relationships with female customers
Since women are now more involved in finances and money making decisions, it's important for jewelers to start shifting their advertising tactics, according to The Luxury Institute, New York. The growing number of women in leadership roles is expected to continue to increase over time, which may help jewelry brands and marketers reach female consumers. This is crucial to helping jewelers build relationships with their female customers as well as their male clientele - after all, who knows women better than women?
According to JCK magazine, the best way for sales associates, male or female, to build strong relationships with customers is to make the customers feel comfortable. According to a survey by The Luxury Institute, 40 percent of affluent customers have strong relationships with their personal jewelers. The survey also revealed that customers are more likely to come back and work with the same retailer if the sales associate demonstrates knowledge and expertise on the subject matter and is not pushy or overbearing regarding the sale.
