Platinum bridal sales have doubled in the last five years (Modern Bride), but retailers are nowhere near tapping the full potential of the platinum opportunity.
 89% of women age 25-34 say platinum is of the "highest quality."
Research conducted by Hall & Partners USA
BASE: Women shopping for an engagement ring (125)
Question: Of the characteristics above, please indicate which you feel apply to platinum. Using a scale of 1 to 10, please give a score of "10" if you think "it totally applies" and give a score of "1" if you think "it doesn't apply at all". Because scores of 8 or higher were tabulated, respondents in effect were pemitted to rate more than one metal as among "highest quality."
79% of female engagement ring shoppers relate to platinum qualities
BASE: All women aged 18-34 shopping for their engagement ring (125)
QUESTION: Imagine that these precious metals were to come to life as people. For each of them please indicate which of the statements best describes how close you would feel to him or her. Percentages add to more than 100% because respondents were permitted to express a relationship with more than one metal.
71% of female engagement ring shoppers are committed to buying platinum-the highest level in history.
BASE: All women aged 18-34 shopping for their engagement ring (125)
QUESTION: Thinking about an engagement ring. Which of the following phrases best describes how you feel about each of these precious metals?
Gross margins of 50% on platinum sales, as compared to 43.5% for watches and 38.3% for loose diamonds.
Source: Rapaport Research, JA Cost of Doing Business Survey
Less comparative shopping (63% of platinum consumers visit only one store before purchasing).
JCK 1999
Strong consumer relationships (Platinum owners are three times more interested in owning more platinum jewelry. Source: CRT's Jewelry Market Survey)
Increased transaction size.
Lower markdowns.
Platinum's presence helps to further elevate the image to of the store.
Desire for platinum is greater than ever. When you add the fact that platinum customers are among jewelers' most loyal clientele, you will see the powerful benefits of turning a nationwide desire for platinum into personal gains for your store. Closing the gap between consumer interest and actual purchase has never been easier or more profitable. But you must take action. To capitalize on the platinum opportunity, first you must stock it, then ensure sales associates know how to sell it.
Consumers consistently find platinum 'under merchandised' in many stores. (source: Mystery Shopping)
While consumers are now twice as likely to feel platinum is worth the price, the majority found they were not offered the metal unless they asked for it (source: Hall & Partners)
Less than 30% of all consumers were informed by salespeople why platinum is worth the extra expense. (source: Hall & Partners)
If you aren't offering platinum to every customer, you are missing a major opportunity to expand your profit margins. Communicating platinum's value isn't just appreciated by consumers at an informational level, by talking to their pre-existing desire, it establishes trust and a connection which can translate into a sale. |
