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Wedding Business Basics - Big Payout Nuptial Keepsakes

With more than 2 million weddings in the United States each year, the bridal business presents an excellent opportunity for additional jewelry sales, especially in silver jewelry.

Based on the results of the 2017 Real Weddings Survey and the 2017 Jewelry and Engagement Study, both conducted by the Knot, couples continue to spend money, and lots of it, on jewelry not only for their engagement and wedding rings but also on jewelry for themselves to wear on their special day and for their bridal parties. These studies captured responses from nearly 14,000 US couples married in 2017 to uncover the financial spending habits and trends of weddings in America and included everything from the average spent on a wedding dress to the average length of engagements.

Let’s look at how the numbers could add up for additional bridal jewelry sales:

Where they shop:
61% of brides and grooms said friends/family were most influential in choosing a local retailer. Ability to customize the ring was a close second

When selecting the retailer, grooms had more input than brides
45% of grooms purchased from a local/independent jeweler. The number goes up to 60% of grooms when it comes to those who spend more than the average on their luxury wedding

What they buy:

The Bride:
Spends an average of $333 on jewelry

The top 3 styles chosen by brides are:
- 69% earrings
- 38% hair jewelry or headband
- 37% bracelets

Only silver designs can provide a wide variety of earrings and bracelets at an affordable price point

She spent thousands on her dress and now needs the perfect earrings to go with it, and silver jewelry is perfect to go with her “white” metal ring.

The Groom:
Spends an average of $408 to complete his look with cufflinks (27%) and watches (22%) accounting for the largest shares.

Chances are that the groom does not own a pair of cufflinks. Sterling silver offers the perfect price point along with a timeless statement of style,

The Bridal Party:

According to the survey the average number of bridesmaids and groomsmen is five.

The Bridesmaids:
- Spend an average of $106 on jewelry per bridesmaid. This averages $106 x 5 bridesmaids= a $530 sales opportunity!
- Earrings (59%) accounted for largest share

Suggest a gift of lasting beauty. Sterling silver meets the budget and allows the bride to select from a range of styles to coordinate with the dresses, or that says “thank you” for your friendship.

The Groomsman:
- $160 is the average spent on jewelry per groomsman, with cufflinks (45%) accounting for largest share. This averages to $160x 5 groomsmen = $800 in potential sales!

They have been with him through thick and thin; a mug or a picture frame just won’t do. Give the timeless gift of silver. Silver cuff links can be worn forever or a great bracelet that will remind him of the special day.

Gifts to each other:

- 40% of brides have given their fiancé a watch at some point.
- $560 is the average amount bride spends on the groom, with watches (64%) as most popular choice followed by cufflinks.

Although they may not buy something more than the engagement and wedding rings today, they will be sure to be back to buy anniversary gifts especially when reminded. (insert photo)

The Rings:
Of course, it all starts with the rings..,

$8,627 is the average spent for engagement rings purchased at local/independent jewelers

$1,223 is the average spent on the bride’s wedding band. For brides planning a luxury wedding the average is $1,933.

$619 is the average spent on the groom’s wedding ring. The average price for wedding rings for luxury grooms averages $1,167 Add up the potential:

You can see how the numbers can add up to over $2,630 in potential additional sales available to jewelers. Only silver can provide the price point options that fit the budget and lasting keepsakes for all will cherish for years to come.

AT: 03/16/2018 07:25:45 PM   LINK TO THIS ENTRY

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