MEDIA |
May 2023
The Joy of Gifting Jewelry
Rick Arnemann
How you can convince consumers that jewelry should be their go-to gift over experiences.
We are in a prime gift-giving industry. That’s never been disputed. We benefit from major holidays like Christmas and Valentine’s Day. When it comes to anniversaries and engagements, we hold the power.
There has always been competition, but not necessarily from physical items. According to a 2019 article from Forbes, “65 percent of millennials were then saving money to travel, and cared about experiences over possessions.” Instead of gifting a diamond necklace and watch for Christmas, a millennial couple might opt for a trip to Hawaii or Europe instead. That was 2019.
E.L. Designs
Sterling silver with
14k center ring.
5 diamonds
(0.10tcw, H, Sl1) 1.3mm
wheat chain
MSRP $1072
800.828.1122
We know how 2020 went. Because of Covid closures and shut-downs, experiences of all kinds were put on hold or canceled. Consumers had money to burn, and the jewelry industry benefited enormously. In 2020, the average US household purchased $475 worth of jewelry, up 9.8% from 2019. Sales continued to climb in 2021, and that trend continued for a good part of 2022.
But now people are craving experiences again, and it’s not just millennials. Retail Connections found that because of the pandemic, 58% of people felt that they had missed the experience of being “out.” That appeared in December of 2022, and if the industry’s holiday numbers were any indication, people certainly went “out” and spent money on experiences.
So how can you convince potential purchasers to choose gifts from you over a concert ticket or weekend getaway?
Smiling Rocks
14K White gold 1.78ctw
blush blue earring with
lab grown blue diamond
MSRP $5200
212.596.4163
Here are three ideas that are informative, engaging, and targeted
1. GENERATIONAL AND SYMBOLIC VALUE
Write a blog on your website focusing on the generational and symbolic value of jewelry, then send out a targeted email blast or post on your social channel linking back to it (along with images of new products). Explain that it makes an excellent gift because it can be cherished for a lifetime, and is a tangible reminder of the special bond between the giver and the recipient. It can be worn every day or on special occasions, and it can become a family heirloom that is passed down from generation to generation. Experiences, on the other hand, are fleeting, and while memories can be passed down, only a few experience the actual event. Be sure to talk about the symbolic meaning of jewelry, too. Different types of jewelry are associated with different emotions and occasions, making it a powerful medium for expressing one’s feelings. For example, a diamond engagement ring is a symbol of commitment and love, while a pearl necklace is a symbol of sophistication and elegance. By choosing the right piece of jewelry, the gift giver can communicate a message that goes beyond words.
Jewelry Innovations
Serinium Beveled
band with black
carbon fiber inlay
MSRP $444
800.872.6840
2. PERSONALIZATION
Another reason why jewelry is a valuable gift is that it can be personalized and customized to reflect the recipient’s unique tastes and preferences. This is a good reminder to send customers during the spring via direct mail or via digital campaign––think pre-Mother’s Day or for graduation and bridesmaid’s gifts. Whether it’s a birthstone ring, a charm bracelet with meaningful symbols, or a necklace with an engraved message, personalized jewelry is a way to show that extra thought and effort has been put into the gift. This shows that the giver treasures the recipient, and better understands their personality and interests.
3. CREATE YOUR OWN EXPERIENCE
You should also think about offering an “experience” of your own. Consider hosting a trunk where attendees can meet the designer. Introducing a new product or brand ? Have a launch weekend with a special night for your VIP customers, complete with wine and hors d’oeuvres, and then a general open house for the rest of your customers and community. Whatever experience you host, make it worth your customers’ while to attend––and plan carefully so it’s profitable for you. In conclusion, while events and experiences can be enjoyable, giving jewelry as a gift provides tangible, lasting value and emotional significance. Consumers understand this, but they need to be reminded, and it’s important that you do so in a way that speaks to your customers. Basically, offer your customers a marketing experience.
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