Bridal proves a recession-proof category

Jewelry Fashion Reports

Save

E-mail

Bridal proves a recession-proof category

By Michelle Graff

April 03, 2009

Similar Stories | Topics

STORIES

The Knot reveals 2008 wedding trends

Wedding spend climbs 5.2 percent

The Knot reveals latest wedding trends

Live from the Internet, it's JCOC.tv

Tyra Banks to show Distefano diamonds

TOPICS

This 18-karat white gold ring from Rare and Precious Diamonds is set with a 0.57-carat natural pink diamond. It is priced at $178,000. Photo courtesy of Rare and Precious Diamonds.

Mining giant De Beers popularized the diamond as the stone of choice for engagement rings with its famous "A diamond is forever" tagline and the suggestion that "two months' salary" is the appropriate spend on an engagement ring.

Consumers still choose to say "I do" with diamonds, even in the midst of a stark recession. In fact, 71 percent of National Jeweler's product panelists who were asked about bridal sales reported that over the past three years, their sales of loose diamonds, diamond engagement rings and weddings bands have either increased (41 percent) or held steady as a percentage of overall sales (30 percent), while only 29 percent reported that bridal sales fell. See more results by downloading National Jeweler's exclusive product panel on bridal jewelry, "Hitched up to bridal."

Virtual rivals

When asked how the bridal market has changed in the past 10 years, the majority of panelists were able to sum up the shifts in two words: the Internet.

"The market has become more competitive," one retailer said. "With the Internet, people pre-shop all the time and have an idea of what they want for how much. The two are not always realistic if you are selling quality and service."

However, one panelist said the Internet can lend jewelers more authority, in store.

"Customers are not as happy with the purchase from the Internet," the panelist noted. "Several customers told me that information received was not accurate."

No recession for bridal

For some jewelers, bridal appears to be the one bright spot in their stores' sales recently.

When asked how the economy has altered the way retailers handle the bridal business, panelists' responses were all across the board.

But the strongest theme that emerged was that retailers aren't changing the way they do bridal business, with some noting their bridal business is up or unaffected by the recession.

"Ironically, our bridal business has gone up," one retailer wrote. "It's just the rest of the categories that are suffering because of the economic turn. People don't stop falling in love!"

Another jeweler strongly agreed, "[Our bridal business] remains steady while other segments decreased last year, increasing our percentage of overall sales that are bridal. Since this segment remains strong, we will focus our marketing dollars on engagement customers."

Did you know?

Here are some pieces of wedding trivia to throw out to customers when trying to close a sale, courtesy of popular wedding planning Web site The Knot.

Seventy percent of brides stick with tradition, wearing their wedding set on the fourth finger of their left hand. It was once believed that a vein in this finger led directly to the heart.

If a prospective groom is about to walk because he can't afford a diamond ring, suggest some alternatives instead of losing the sale: According to The Knot, a sapphire in an engagement ring signifies marital happiness, while aquamarine is said to ensure a long and happy marriage.

Pearl engagement rings, common among brides in ancient times, are no longer a popular pick, with The Knot claiming that the organic gems are bad luck because they resemble a tear shape.

But perhaps a more practical reason for their decline as an engagement ring option relates to durability. Pearls measure just 3 on the Mohs scale for hardness, compared with diamonds, which are a 10.

Editor's note: This story first appeared in the March 2009 print edition of National Jeweler.

Save

E-mail

More Jewelry Fashion Reports

Portero taps jewelers for luxury, pre-owned goods

Portero Luxury, an online retailer of pre-owned luxury goods since 2004, has launched a new platform for guild retailers and respected dealers seeking to sell pre-owned and vintage luxury jewels and watches. Read More

Donna Distefano teams with former Tiffany exec

Ivanka Trump Fine Jewelry gets into wholesale

The Knot reveals 2010's top wedding trends

Roberto Coin opens pop up, gets into rowing

More Jewelry Fashion Reports

More Like This

The Knot reveals 2008 wedding trends

January 04, 2008 | National Jeweler Network

Wedding spend climbs 5.2 percent

April 09, 2009 | National Jeweler Network

The Knot reveals latest wedding trends

September 19, 2007 | National Jeweler Network

Live from the Internet, it's JCOC.tv

August 01, 2007 | National Jeweler Network

Tyra Banks to show Distefano diamonds

February 13, 2008 | National Jeweler Network

TOPICS

Design Portfolio

BROWSE

Daily News

Get breaking news from the industry's premier information source.

Video

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.

Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.

ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.

Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.

Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.

CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.