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TheKnot.com Survey Reveals Untapped Potential for Jewelers

A recent major study by TheKnot.com underscores the importance of good relationships between marrying couples and their jewelry stores. Contrary to widespread anxiety among brick-and-mortar retailers, only 10% of men purchase engagement rings on the internet.

They may research rings online, but prefer to examine and purchase them in-person. More importantly, the purchase of an engagement ring is often the beginning of a long-term relationship between a jeweler and a newly engaged couple:  95%  of men plan to return to the retailer who sold them the engagement ring to purchase jewelry in the future, and over three-quarters of couples say they plan to buy wedding day jewelry gifts either for each other or their attendants.

TIPS FOR RETAILERS BASED ON STUDY RESULTS

Appreciate the bride's influence:  79% of all engagement rings sales involve direct or secretly obtained information

from the bride to the groom over where the ring is purchased, the type of metal, and the size and cut of the stone, yet 27% fewer brides than grooms say they are satisfied with their retail experience. Grooms who listen to their brides spend more, buy larger stones and are more likely to choose platinum settings.

Capitalize on the desire for platinum and provide information about its Pure, Rare, Eternal attributes and ultimate value. Most couples aspire to platinum for their rings.  While 40% of couples selected a platinum engagement ring, another 15% of brides who didn't receive platinum wished they had.


  

Provide information about wedding bands; 90% of couples buy them together; nearly two-thirds return to the same retailer where he bought the engagement ring.

Collect profile information and follow-up to determine the couple's level of satisfaction with their rings. Inquire about additional jewelry needs now and in the future. Eighty-four percent of brides say they appreciate direct communication from retailers; yet only slightly more than half say retailers collect any profile information on them.

          
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About the Study
In February 2005, TheKnot.com surveyed more than 32,000 subjects who had received an engagement ring within the previous 12 months. The respondents were divided into three groups:
36 percent: Engagement ring was complete surprise to the bride.

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