Be in the know; here are some facts about the jewelry industry this year.
Selling beautiful on-trend jewelry pieces is not enough if you want to be the jewelry shop people talk about online and in person. A business should also be updated about the latest trends in the industry, as these statistics are helpful when it comes to creating marketing strategies.
The year 2020 has been challenging for most jewelry businesses, but there’s one thing the pandemic can’t stop -- the customers who are ready and willing to purchase jewelry even during a health crisis. For the rest of 2021, rise from the ashes and use this industry knowledge to stand out and be everyone’s favorite jewelry store.
Whether you sell retail or wholesale fashion rings, earrings, necklaces, or bracelets, these statistics are worth considering for your next marketing campaign this coming fall:
The Jewelry Market Statistics Worldwide
- In 2019, the total global jewelry market was forecasted to reach a value of 291.7 billion U.S. dollars by 2025. That is a significant increase from 2019’s 229.3 billion U.S. dollars.
- By 2024, the online jewelry market is expected to amount to 19.88 billion U.S. dollars. This just shows that many consumers are now confident with purchasing jewelry online.
- The value of the fashion jewelry market worldwide is 38.23 billion U.S. dollars in 2021 -- which means the pandemic did not gravely affect the industry. The worldwide fashion jewelry market’s value in 2019 was worth 32.9 billion and 35.5 billion U.S. dollars in 2020.
- In 2020, 38% of jewelry companies surveyed said custom-made jewelry sales increased, and that includes bridal jewelry and colored stone jewelry. So you might want to consider offering customized fashion rings next season.
The U.S. Jewelry Industry Statistics
- In just February 2021, U.S. jewelry retail store sales amounted to a whopping 3.42 billion U.S. dollars. Jewelry store sales in the country tend to peak during the holidays in December of each year, with retail sales often more than double those of any month of the year.
- The jewelry segment revenue totals 57.965 million U.S. dollars in 2021 and is expected to grow by 1.57 percent annually.
- There are currently 52,331 jewelry store businesses in the country. That is a lot of competitors!
- Jewelry industry trends show American households spend an average of 615 U.S. dollars a year on watches and jewelry. With jewelry, you will always have ready customers.
- Americans over 55 spend 1,231 U.S. dollars a year on jewelry and watches. Looks like baby boomers are a promising demographic too!
Demographics of Jewelry Consumers
- 56% of jewelry buyers are women, compared to 44% of men. That is not a big difference, so always consider your male customers when it comes to inventory and marketing strategies.
- 51% of millennial women buy their own jewelry. This is most likely the result of influencer marketing. You can find many fashion influencers worldwide advertising fashion jewelry, making influencer marketing a good investment for any jewelry business.
- 26% of jewelry buyers find information about new brands through celebrity endorsements.
- Coronavirus and jewelry statistics show that 81% of consumers avoided going to the stores due to health concerns, and 51% of these consumers said they shopped online. That’s all the more reason to consider selling your jewelry products online.
- 10% of customers, which were primarily millennials, reported buying more jewelry during the pandemic, and most of these purchases were made online.
- 51% of millennial jewelry buyers make a decision based on their trust in the retailer -- which means being able to build customer trust and loyalty is very important today. Consider engaging with millennials on social media and be transparent and authentic as much as possible.
Best Marketing Strategies for Jewelry Businesses in 2021
- Be active on social media. Jewelry businesses work really well with social media platforms such as Instagram and Pinterest as they are both image-heavy.
- Build personal connections with your customers. Having authentic relationships with your followers and customers will allow you to learn what they want from your brand. Doing so also helps build customer trust and loyalty.
- Create fun promotions. Seasonal promos like Fall Jewelry specials are an effective strategy to encourage new users to check out your products.
- Be ‘real.’ - By real, we mean posting photos on social media of real people wearing your products. In-action images are more effective than posting stiff product shots. This helps with customer trust as well.
- Consider blogging. Business blogging enables you to communicate with your target audience and can help you build quality links for your website. The best topics are those that can educate people about the jewelry and fashion industry, as well as those that provide solutions.
Our Takeaways
All these statistics prove that the jewelry industry was not fazed by the pandemic. People will still consider purchasing jewelry pieces even if they are not considered essential products.
However, you should also consider the rise in the number of competitors, most specifically online. Consider following the marketing strategies mentioned above, of course, with your target audience in mind.
And the best advice we can give to struggling jewelry businesses today? Learn how to pivot and innovate, and be as authentic as possible.
