Wedding resource site The Knot published its annual Real Weddings Study this week and it makes for some fascinating reading, as well as providing some good news for jewelers.
According to the survey, the cost of the average diamond engagement ring (DER) rose 5 percent in 2014. This means that the average amount spent on a DER in the US hit $5,855, up from $5,598 in 2013.
With an average wedding spend of $31,213, the DER is the second-most expensive component of the whole event, coming behind the venue hire (average $14,006) and beating out the average cost of a photographer (average $2,556), which is the third most costly item on the list.
The survey found that the average age of marriage is 29 for the bride and 31 for the groom; the most popular month to get engaged continues to be December (16%) and the most popular months to get married are June (15%) and October (14%).
So far, nothing revolutionary, but what is changing – just like everywhere is – is that the use of smartphones to access wedding planning websites has nearly doubled from 2011 (33%) to 2014 (61%).
Says The Knot, about six out of 10 brides are actively planning their weddings through their mobile device: researching gowns on smartphones (61%), up from 27% in 2011; researching wedding vendors on mobile (57%), up from 22% in 2011.
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The survey results do not mention the numbers researching engagement or wedding ring options on their phones, but can only imagine that it is a lot and is a case of if you build it (your mobile friendly website) they will come and buy.
This is yet another reminder of just why jewelers need to be online and be ahead of the mobile technology curve. But is the industry doing enough to keep consumers – be they brides, grooms or just about anyone looking to buy jewelry – interested?
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“The survey results do not mention the numbers researching engagement or wedding ring options on their phones, but can only imagine that it is a lot.”
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Earlier this week, Ken Gassman reported on the continuing decline of the US jewelry market. For the fourth month, demand for fine jewelry and fine watches was very weak in January. Jewelry and watch sales in January 2015 were an estimated $4.6 billion, down 1.9 percent from last year, according to the data from the US Commerce Department.
And specialty jewelers’ sales are suffering even more. Sales at specialty jewelers were $2 billion, down 4.1 percent from the same month a year ago, meaning that they (once again) lost market share to multi-line merchants who also sell jewelry.
Part of the reason was the weather, there’s no doubt about that. Consumers played it safe and stayed warm at home rather than contending with snow, storms and slush. Just so you are warned, continued bad weather is why February’s results are likely to be down as well. While Valentine’s Day helped business in the early part of the month, sales apparently dried up in its aftermath.
Putting the weather aside, as consumers continue to get back on their feet with an improving economy and better financial security (for many), jewelers need to be doing more to attract customers both online and in-store. They need to be doing this not only at times of great happiness, such as engagements and weddings, and traditional jewelry buying times such as Valentine’s Day, but year round as well.
If consumers want to buy, or at least research, jewelry from their mobile devices, then it seems that the obvious thing to do is to provide them with that forum otherwise it will be a case of here comes the bride… and there she goes, never to be seen again.
Picture: The Knot website.
