Changes are afoot in Bridal Jewelry Market
By Ken Gassman http://www.idexonline.com
(IDEX Online News) – The jewelry bridal market, which generates upwards of 50% of many mass-market jewelers’ revenues, is a growth market, but changes are afoot, according to a new study.
Highlights of a new Census Bureau survey, titled “Number, Timing & Duration of Marriages & Divorces 2009,” include the following:
·The average age for the first marriage is 26 for women and 28 for men. This is up by about one year over the past decade. For jewelers, this means that the couple is likely to have a higher income and perhaps accumulated some wealth. This means they can spend more on bridal jewelry.
·The marriage rate is declining because many couples are simply cohabitating. For jewelers, the diamond engagement ring market may be set to grow more slowly.
·The number of couples who reach a key wedding anniversary – 5th, 10th, and so on – remains stable. Each of these key five-year anniversaries is characterized by a gift of jewelry – silver, diamonds, watches, gold, platinum, and colored stones. For jewelers, this represents an opportunity for repeat business, and it increases the lifetime value of a customer.
·The rate of divorce has leveled off, and appears to be declining modestly among younger consumers. About 40% of all ever-married couples report that their first marriage ended in divorce. For jewelers, this means that the prospects for selling a larger diamond – typical for second and subsequent marriages – may not be as great as in the past.
·The proverbial “Seven-Year Itch” – an adage that suggests when men and women are most likely to divorce – appears to actually be an “eight-year itch,” both for first and second marriages that end in divorce. For jewelers, this means that it is more important than ever to keep in touch with couples after they are married.
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