Target Market For Jewelry Business – Finding Your Customers – 440 Industries (2024)

Introduction

Every business has a target market for certain people in different locations. The jewelry business is one of those businesses that need to be appropriately studied before starting up. It serves a specific income class, and anyone who intends to begin a jewelry business must know how to contact this set of people.

For instance, Asians in their 40’s to ’60s generally spend more on Jewelry than people of other races of the same age bracket. However, it is not wise to target Asians only in a predominantly black community. Even though specific people buy a product more, it is wise to target a more significant percentage of the population who can buy it with great enthusiasm.

Therefore, the common logic relating to the target market for the jewelry business is that where people target the highest per house spending is not always the best way to go about it.

In the same vein, all jewelers must pay serious attention to attracting or finding customers. Not only that, but they must also know how to engage them and keep them. An article like this would provide you with the best information you will need to find the right type of customers who will make your jewelry business thrive.

  • Tips to Consider Before Starting a Jewelry business
  • Identifying your Customers
  • Location of the Jewelry Business

Tips to Consider Before Choosing a Target Market for Jewelry business

Identifying your Customers

As earlier discussed in the introduction of this article, the largest market of every population should be the target for every jeweler. Not a group of people that adores Jewelry but falls under the minority population.

In the target market for the jewelry business, some things must be considered and properly planned out statistically before seeing any results. Below is a list of things to consider.

Income

Any profit-oriented jeweler must indeed consider the average income of their consumers in a population before setting the price of Jewelry, buying certain Jewelry, and creating a fixed payment plan.

For instance, customers with annual income above $120,000 or its equivalents in other currencies will have the highest spending rate on Jewelry. These groups of people may constitute a small number of the United States and most European countries. However, people in this income category buy about 45% of the total Jewelry sold in Europe and about 30% in the United States. A percentage like that produces a figure of about 18.3 billion dollars of Jewelry purchased in the US alone.

On the other hand, you should note that customers who fall into a lower income category are the ones in the remaining percentage of Jewelry sold. Therefore, it is also wise to target them with the Jewelry they can afford.

The trick here is not to neglect or ignore an income group in a population. It is to find the kind of jewelry product that each income group can afford. In doing this, you will adequately sort out a comfortable payment plan, jewelry-grade e.t.c.

Age

To target the largest market for the sale of jewelry, another thing to consider is age.

Usually, the jewelry market exists mainly for young individuals. However, the market is unpredictable, and the trends for the past three decades have been different. The age group at which people buy jewelry varies from country to country. In China, India, and Japan, people aged 30-60 consume more jewelry than other age groups. On the contrary, about ¼ of jewelry used in the United States comes from those under 35.

Young folks under the age of 30 in the US, regardless of their income capacity, do have interests in buying much Jewelry.

It is to be noted that the different reactions of different age groups to the jewelry market may not be caused simply by varying priorities, income, or discipline spending. Studies have shown that most jewelry businesses often do not provide the type of jewelry that satisfies the various age groups.

Humans change so does their taste for jewelry. The type of jewelry a woman is interested in at age 21 may differ from her at age 65. Providing jewelry that satisfies the needs of each age group should be considered before the jewelry business commences.

Occupation

Buying jewelry relates to how much an individual earns. Without dispute, professionals earn more than manual laborers. Therefore, professional workers spend more on Jewelry than most artisans. It is only wise for jewelry business owners to target such people.

For security reasons, if your customers do not have wealthy sponsors or any form of funding, then you need to ask where their money is coming from. It is hazardous for jewelry business owners to repeatedly sell jewelry to customers without any source of income.

Homeowners

Invariably, this factor is related to the amount of income an individual or a group gets at a given time.

Homeowners will spend more on jewelry than people who rent their homes. Since most homeowners do not bother about rental money at the end of the month, they spend more on other things such as jewelry. It may be because they consider jewelry a significant surplus that matches their status. Regardless of the reason, they are an important target market for the jewelry business.

Therefore, anyone who intends to start a jewelry business in a particular location should logically take the statistics of homeowners and renters. It will be of great help because it will help the seller’s approach to the business and the consumer.

Location of the Jewelry Business

In India, for example, pieces of Jewelry define a lot of things. It is an essential defining part of religion, any form of celebration, income class, culture, and even economy.

India is the second-largest consumer of gold jewelry in the world after China. It is also the largest producer of polished diamonds globally. They have gods and goddesses in gold. At the same time, every marriage celebration must involve the bride being arrayed with diverse jewelry attire.

If you choose either of these countries as a location for your business, there is a higher chance of thriving.

In the United States, jewelry is related to a form of ostentatious and fashionable class where the rich and people in high classes are treated with respect for affording a specific type of clothing and jewelry.

Approaching your Customers

After identifying your customers, approaching them can also be a little tricky. Every jeweler must know that every target market for jewelry business must have a meeting platform or place.

Therefore, a good jeweler must gather the information that will help bring their goods to the consumer.

For example, on social media (Facebook, Instagram, or Twitter), there are criteria you must tick to narrow down your audience. With the information provided in the previous heading, you should be able to inform the social media app or any other site you intend to use of the gender (primarily female), age group, education, income range, interests like traveling, location e.t.c

Know Your Meeting Point

Older age groups are not frequent on social media apps like Twitter. They may, on the other hand, find Amazon an exciting place to purchase things.

Understanding how this site works is an essential key to targeting your customers after identifying them correctly. A quick survey on the type of audience you would want to reach in a given geographical location will be helpful.

After discovering how this website works, you can pick one easily and choose where you want to operate from. And perhaps you own a shop, and your customer is close by, you can advise that they walk by.

Input Target Criterion

After knowing the best website to meet with the audience, you can narrow down your target criteria by identifying users under those specific categories.

Google, Facebook, and YouTube are websites that can significantly target jewelry consumers. These websites help you limit your target market for jewelry business to a specific demographic, including age, gender, income, and location. Through your search history, profile, and friends of friends.

Construct Your Message well

The kind of message you will pass across to them on social media must be a good one. If you can’t come up with a nice one, consult an expert social media influencer to help you.

However, I believe that narrowing down what needs to be said in videos, write-ups, or content can be managed if you can imagine what people (in the age bracket, income class, e.t.c.) would want to hear or see.

Also, find a way of checking them up via email, and tell them of your new products, discounts, and all.

Conclusion

Selling jewelry needs a lot of expertise and a lot of study. This business is not for the faint-hearted. But I believe that if every one of the tips above is followed religiously, you will record tremendous success.

However, in the quest to attract the target market for the jewelry business, there must be extra caution; Social media or any other online platform can be very dubious. When anyone walks to your office or shop to purchase jewelry without any known means of income, decline politely.

Target Market For Jewelry Business – Finding Your Customers – 440 Industries (2024)

FAQs

What is the target audience for jewellery? ›

For example, a jewelry brand selling engagement rings and wedding bands might choose to prioritize women aged 25-35 in committed relationships with middle to upper incomes.

What are the demographics of the jewelry industry? ›

Research findings reveal that most jewelry purchasers fall within the age range of 25-44. This could be because those in this age range may have more disposable income or simply because they feel ready for more meaningful purchases like engagement rings or anniversary gifts.

Who is the target market for luxury jewelry? ›

Millennials and gen-Z are the key drivers of the luxury fine jewelry market, and their preferences greatly influence market trends. They prioritize experiences and self-expression, viewing jewelry as a way to express their individuality.

What is the market segmentation of the jewelry industry? ›

The global Jewelry market has been segmented on the basis of material type and product type and region. Based on material, the market is segmented into gold, silver, diamond, platinum and others.

Who is your target market audience? ›

A target market is the set of consumers that a company plans to sell to or reach with marketing activities. A target audience is the group or segment within that target market that is being served advertisem*nts. This makes the target audience a more specific subset of a target market.

What age group buys the most jewelry? ›

Younger shoppers (16-34) make up 62% of all jewelry buyers.

Married women in the same age group (25-34) buy the most jewelry. However, high-income older people (45-54) spend the most on jewelry.

What is the market for jewelry? ›

According to Custom Market Insights (CMI), The Jewelry Market size was estimated at USD 356.36 Billion in 2023 and is expected to hit around USD 488.21 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 4.6% from 2022 to 2030.

Which type of jewellery sells the most? ›

2021 Demand for types of Jewelry
  • Pearl Necklace. 7,906.61.
  • Rose Quartz Necklace. 4,692.05.
  • Moonstone Ring. 3,580.2.
  • Opal Ring. 3,540.11.
  • Diamond Ring. 3,515.12.
  • Emerald Ring. 3,240.67.
  • Turquoise Ring. 3,090.61.
  • Amethyst Necklace. 3,043.34.

Who is the target market for smart jewelry? ›

Health and Wellness Awareness: People looking to track and enhance their well-being may find smart jewelry with integrated health and wellness functions like heart rate monitoring, activity tracking, and stress management appealing.

How to get customers for jewelry? ›

Try these tips for Jewelry business to create buzz and attract more customers:
  1. Introduce Referral Programs. ...
  2. Create Video Ads. ...
  3. Onboard Influencers. ...
  4. Offer Big Discounts. ...
  5. Try Virtual AR to Deliver try-before-you-buy Experience. ...
  6. Tap on Instagram Ads. ...
  7. Ace Customer Service. ...
  8. Hold Contests and Giveaways on Social Media.
Jul 30, 2022

Who buys the most jewellery? ›

Which country spends the most on jewelry? With an expenditure of USD 111.5 billion, China buys, produces, and consumes the most jewelry. The United States valued at $69.1 billion, is the second biggest jewelry market in the world, while India is the third-largest jewelry market with $51.4 billion.

Who is Kay Jewelers target customers? ›

Kay targets the largest consumer psychographic segment in the jewelry market with a total addressable market of $17 billion – the Generous Sentimentalist, a thoughtful customer buying jewelry as an expression of love versus self-expression where brands like Banter, Zales and Jared primarily aim.

What is the trend in jewelry in 2024? ›

6. Statement Makers. Don't be afraid to make your mark in 2024 because "After many years of delicate designs being all the rage, customers will turn to bold statement pieces such as chunky cuff bracelets, hoops and chain necklaces," Money explains.

Who is the market leader in jewelry? ›

Signet Jewelers, whose brands include Kay and Zales, was one of the market leaders among retailers of jewelry in the United States, with worldwide retail sales of over 7.8 billion U.S. dollars in 2022. Tiffany & Co., with its iconic New York flagship store, is arguably the biggest name in the world of jewelry.

What is the outlook for the jewelry industry? ›

The global jewelry market size was valued at USD 224.39 billion in 2023 and is projected to grow from USD 232.94 billion in 2024 to USD 343.90 billion by 2032, exhibiting a CAGR of 4.99% during the forecast period. There is a rising trend in jewel consumption as more people are inclined toward luxurious products.

What is the market for Jewellery? ›

Market Overview

The Indian gems and jewellery market is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2020 to 2025, reaching a value of US$ 103.06 billion by 2025, according to a report by Research and Markets.

Who is the target audience for fashion accessories? ›

For example, if you are selling accessories for women, you may find that your target audience is primarily women aged 25-45 who are fashion-conscious, career-driven, and interested in health and wellness.

Who is the target audience for this brand? ›

A target audience is a narrower segment within the broader target market. It's defined by shared characteristics such as demographics, psychographics, behaviors, and interests. For example, a target audience for a fitness brand may be women between the ages of 25 and 40 who are interested in health and wellness.

Top Articles
Latest Posts
Article information

Author: Saturnina Altenwerth DVM

Last Updated:

Views: 5838

Rating: 4.3 / 5 (44 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Saturnina Altenwerth DVM

Birthday: 1992-08-21

Address: Apt. 237 662 Haag Mills, East Verenaport, MO 57071-5493

Phone: +331850833384

Job: District Real-Estate Architect

Hobby: Skateboarding, Taxidermy, Air sports, Painting, Knife making, Letterboxing, Inline skating

Introduction: My name is Saturnina Altenwerth DVM, I am a witty, perfect, combative, beautiful, determined, fancy, determined person who loves writing and wants to share my knowledge and understanding with you.