Jewelry market sales have moderated during the first half of 2022 after an unprecedented 2021 that some in the industry called “The Year of Jewelry.” The market is likely to continue to do well, as 2022 may well be “The Year of the Wedding,” with a total expenditure of $68.66 billion, the most ever reported by The Wedding Report. Next year’s total expenditures are forecast to be $63.00 billion, the second-best year ever.
Radio and audio streaming are two of the shiniest media gems for jewelry retailers, according to data from five representative 2021 consumer/market surveys conducted by The Media Audit.
The holiday shopping season is always crucial for jewelers. Although they are unlikely to match the 32% year-over-year sales increase as reported by Mastercard SpendingPulse, several target audiences of consumers can be attracted by the best discounts and special offers.
The average age of engaged couples has been increasing for years, now approximately 30 for both partners. It’s unsurprising Millennials who purchased jewelry either at a local store or online during the past four weeks over-indexed for heavy exposure to radio (180+ minutes during an average day) More of the engagement/wedding ring buyers are young Millennials and not older Gen Zers. Those Gen Zers who did make a jewelry purchase under-indexed significantly for heavy exposure to radio.
Two target audiences for jewelers are revealed in The Media Audit surveys. First, Gen Xers who purchased jewelry either at a local store or online during the past four weeks had the largest average index for heavy exposure to radio at 128. Adults who identify as LGBT+ were a close second at an index of 126; and they were the only audience to over-index in all five representative markets in the table above.
For many consumers, jewelry is a fashion or lifestyle statement, indicating many have active social lives and its matching music culture. Undoubtedly, many are accompanied by radio, but also a substantial number listen to audio streaming services.
Another set of data from The Media Audit for all adults who purchased jewelry either at a local store or online during the past four weeks shows they over-indexed considerably for listening to five of the major audio streaming services during the past seven days.
As expected, jewelry-buying Millennials over-indexed for audio streaming, but jewelry-buying Gen Zers scored much higher than heavy exposure to radio. On average, however, Gen Xers who purchased jewelry over-indexed the most for audio streaming.