Unleashing the Untapped Power of Wedding Bands: Part 2
Wedding bands and commitment rings are redefining the relationship jewelry landscape. Further, they are a great relationship-building and revenue-driving category for the retail jeweler.
Consider the opportunity: there are approximately 2 million weddings per year, with the average cost of a wedding $30,000, making it a $52 Billion+ business, of which jewelry plays an important part.
If we look at wedding bands specifically, 89% of couples have purchased or plan to purchase wedding bands prior to their wedding day. The average proposee’s wedding band costs $1,100, while the average proposer’s wedding band is $550. For retailers, it’s a nearly guaranteed sale and is a big profit opportunity that often gets overlooked.
As research shows, the majority of engaged couples plan to buy wedding rings, yet incremental sales and profits get left on the table when customers go elsewhere after purchasing the engagement ring. This is a great opportunity for retailers to establish their relationship with lifelong customers-to-be during this momentous time in their lives. By securing the important engagement ring and wedding bands sales, retailers establish the future opportunity for celebratory gifting, including those acknowledging anniversaries and other milestones, such a push presents.
Platinum makes the wedding band opportunity even more profitable, and the majority of consumers will buy platinum if it is offered and explained why it’s the best value for their money.
When reviewing consumer desire and selling opportunities when it comes to platinum, market statistics show it’s a major growth opportunity:
- Awareness of Platinum: 88%
- Consideration to Buy Platinum: 84%
- Preference for Platinum: 66%
Yet the actual acquisition of a platinum wedding ring is only 14%. This herein lies the opportunity! We encourage retailers to explore the platinum possibilities with their customers, to both parties’ benefits!