The jewelry industry is booming and is set to have a glittering $295 billion worth of sales by 2020. With end-of-year sales peaking at $6.21 billion in 2016, 2017 is sure to be a good one for jewelers. With all the signs pointing to more growth, you can hire experts who specialize in digital marketing services for jewelers to take advantage of the following trends:
Burgeoning Chinese Middle Class
Though the United States market takes up half of the global demand for polished stones, the continuing rise of the Chinese middle class should not be ignored. This is how Hong Kong has retained its reputation as the Asian hub for luxury watches and jewelry for over a decade. These markets are full of people who are more than willing to splurge on stones and exquisite pieces for their wardrobe.
Increase in Individual Household Income
Data from the US Census Bureau indicates a surge in median household income to $59,039 in 2016. This shows a 3.2% increase and is the second consecutive increase in household income. This means households now have more cash that they can spend on luxury items.
As millennials enter the workforce, they are a fresh, untapped market for the jewelry industry. As a result, it would be best to mount campaigns that appeal specifically to millennials. With how newer generations are spending more and more time online, this where having a strong online presence could help your business.
The jewelry industry is undoubtedly going into a dazzlingly lucrative phase. Experts have predicted this growth as far back as 2014. To keep up with both the demand and the competition, consider hiring marketing experts to get your brand to stand out from the rest.