The Jewelry Industry to Women: Welcome Back

It seems odd that a category such as jewelry is not really in the marketing to women business.  Of course they market to women, but until recently, women were not the primary target.

“During the ‘60s and ‘70s, the incidence of female self-purchase was small,” says Hedda Schupak, in an interview with Racked. “For one thing, there were relatively few women in the workforce, so there wasn’t a lot of female spending power for costly items. But also at that time, both men and women typically considered jewelry to be something a woman received as a gift. If there was female purchasing at the time, it was more likely to be female-to-female occasion gifting, like mother/daughter, or grandmother/granddaughter.”

But, according to a recent survey from De Beers–who is known for creating the “A Diamond is Forever” tagline–female self-purchasing is on the rise, especially among those 25-39. Millennials spent $26 billion on diamond jewelry in 2015–and 31 percent of those purchases were from women buying for themselves. This makes sense considering that there are more women working than ever before and although we are still feeling the sting of a gender wage gap, women tend to have more discretionary income to spend.

The industry has taken notice of the numbers and in an effort to reverse staggering sales, many brands are now moving women away from being considered “secondary influencers” and are now targeting them as their primary customers.  “Today the industry’s buzziest terms are “self-purchasing woman” (a woman who buys jewelry for herself) and “just-because purchase” (a causal buy in which the jewelry doesn’t mark a special occasion),” states the Racked article.

One such brand is the iconic Tiffany. They are in the midst of a total brand refresh and connecting with millennial women is part of the focus.  Their most recent effort was shown during the Super Bowl.  Before Lady Gaga slayed us with her mic-dropping halftime performance, she inspired us with this spot for Tiffany:

 

So, is this a fix?  One great spot does not a brand make..nor make a brand transform.

According to the Racked article, Tiffany is doing more than partnering with Lady Gaga for a commercial–they are changing the interior of their stores, creating more social media moments for their consumers, and working to create a unified brand voice that speaks to its history while also giving light to its present.

We’re watching you, Tiffany.

Click here to read the entire article from Racked.

 

 

 

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