Sales Strategy
One For You, One For Me: In The Season Of Giving, Don’t Forget About Self-Purchase Customers December 09, 2020 (0 comments)
New York, NY—It’s a lightbulb moment for the fine jewelry industry: a recent study conducted by Platinum Guild International USA has found that half of all U.S. fine jewelry buyers are shopping for themselves. Image: "Starspun" earrings from the Platinum Born collection retail for $870--far less than a luxury designer handbag--and are perfect for Zoom calls!
In the study, which surveyed U.S. consumers who had purchased fine jewelry within the past two years, 50% of respondents admitted buying something for themselves. Of those who had purchased a piece of jewelry for themselves, 47% did so “just because,” while 32% were marking a major milestone birthday.
And it’s certainly no secret to retailers in general that most holiday shoppers also manage to treat themselves in the process of buying for the others on their lists. This clearly suggests that jewelers should not overlook the spending power of the self-purchaser.
The story becomes even more compelling when looking at PGI’s research by gender. 73% of women surveyed reported buying something for themselves in the past two years, as opposed to 37% of men, who still typically focus their jewelry purchasing power on gifts for their significant others and/or their mothers.
Who buys jewelry for whom: almost 3/4% of women buy fine jewelry as a fashion item to wear themselves.
“We are seeing strong growth in female self-purchasers in this round of research,” says Jenny Luker, PGI USA’s president. “This sector of the market continues to increase, creating a greater opportunity for the jewelry industry to focus more resources on speaking to women directly. Women are buying handbags and shoes for themselves, some at considerable price points, and jewelry needs to be higher in their consideration set.”
Generationally, Gen-Z leads the way in self purchasing, with 63% having bought themselves a piece of jewelry within the past two years. Millennials, Gen Xers and Boomers are not to be discounted, however: 45% of those consumers also have recently added to their personal collections, according to the research.
“We find that women self-purchasers are looking for versatility and enduring style in their jewelry wardrobes,” explains Aron Suna, president of Suna Bros., the exclusive distributors of the Platinum Born collection, which was designed with female self-purchase in mind. “The majority of Platinum Born sales are self-purchasers because the collection’s designs are crafted to evolve and transform with the wearer. And as we offer fine jewelry at fashion prices, Platinum Born is the epitome of a self-purchasing brand.”
Research from Platinum Guild International shows that the majority of self-purchasing fine jewelry consumers don't need a special reason to buy. Below, a necklace from the Platinum Born collection.
