How Much Will Your Customer Spend on an Engagement Ring…Really?

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Nationwide, couples are demonstrating they’re willing to spend slightly more for an engagement ring. That’s according to this National Jeweler article, which shares insights based on a recent survey from The Knot. In 2013, couples were paying an average of $5,598 for their engagement rings; in 2104, the number was $5,855.

So, are your customers above average? Or are the romantic couples coming to you spending less than that? There are jewelry retailers out there – and you know who you are – who say, “That average might matter other places, but in this town? No way! My customers just don’t have that kind of money!”

Let’s go back to the National Jeweler article for a moment, as we’re thinking about how valid your objection might be. It notes in there that the same customers who are paying more for engagement rings are also paying more for bridal gowns, venues, cakes and more. Every aspect of planning a wedding has gotten more expensive; we’ve seen this trend documented to some degree in all 8 of The Knot’s previous surveys.

Mobile Increasingly Important Wedding Planning Tool

It’s also important to note the role social media has had in driving engagement ring prices up. Access to mobile wedding planning websites (think Pinterest) has nearly doubled: today, 61% of couples report using these digital tools to determine what elements they want to have as part of their wedding ceremony. As of this writing, more than 13,000,000 Pinterest posts feature engagement rings or are engagement ring related.

This means couples in your area are more than likely to be using mobile wedding planning websites, and while they’re doing so, they’re in an environment that’s absolutely saturated with engagement ring imagery. This exposes them to a variety of styles and price points; effectively acclimating your customer base to the fact that engagement rings prices are higher than they used to be.

Use Social Media To Sell More Jewelry: Your Product Mix

Now is a very good time to consider the mix of engagement ring images you’re sharing on your website and via social media. As retailers, there’s sometimes a tendency to focus on best-selling lines – but part of your social media strategy involves shining the spotlight on the engagement rings your customers would love to be able to afford.

Stretch the envelope and show off your “Oh Wow!” pieces at least weekly. Brides-to-be can’t desire a ring until they see it – but once they desire it, they’re surprisingly effective at getting it. Where is your bride-to-be most likely to see your best rings? On their smart phones – if you’re smart and strategic about ensuring your rings are there to be seen.

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How Much Will Your Customer Spend on an Engagement Ring…Really?
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How Much Will Your Customer Spend on an Engagement Ring…Really?
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Do you really know how much your customers are willing to spend on engagement rings? Knowing their price ranges means making them -& your bottom line happy!
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