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The business of fine jewelry relies heavily on customer relationships, but in order to properly communicate to customers, jewelers should first understand their thinking. Kevin Reilly, Vice President of Platinum Guild International USA, joined us at the JA New York Jewelers of America’s Education Program yesterday to share his knowledge on understanding and targeting consumer segments.
Group #1 status oriented : 24% volume, 34% of value
Influenced by: celebrities, radio and editorials
Group 2# sentimentalists: 33% of volume, 24% of value
Influenced by: billboards, partner, relatives
Group #3 Status seeking conformists 8% of volume, 9% of value
- High earners, special occasions, buy spontaneously. About endearing themselves to others. Drawn to international luxury brands
- Trend conscious
- Influenced by: brochures, catalogs, magazine ads, websites,
Group 4 # Brand oriented conservative 8%
- Suburban, middle class, medium high income and education, not interested in showing off
- Seeks best value of money. Jewelry is respectful
- Influenced by: direct mail, siblings, close friends/ relatives
Group 5 – understated minimalist 11% of market, 17% of volume
- Prefer avant-garde
- Consciously cosmopolitan: ethical sourcing and ecological impact
- Open to reselling
- Influenced by Father, TV, infomercials, news/magazines
Group 6 – conventional heirloom – 13% of market volume, 8% of value
- Middle class, rural, women, retirees, housewives etc
- prefer classics that are personally meaningful
- Appreciates traditional associations
- Influenced bye their own taste, sales associate, partner
Purchase cycle
44% of consumers are not involved in the purchase of fine jewelry
Jewelry business opportunities
Status oriented and sentimentalists buy the most jewelry
Jewelry industry opportunity: $233 billion over the next 2 years
The insights Kevin shared ask us all to challenge our assumptions about who our end consumer is. There is still a full day of education programing today, Monday March 11th, at the JA New York Show. Don’t miss this opportunity to discover great designs, and gain insight into our industry!
