With Weddings On The Rise...It's Time To Take Back A Fair Share Of The Wedding Band Business

The number of annual weddings has increased 10% over the past year, with costs averaging $27,852 per wedding (Conde Nast American Wedding Study, 2006).  And, while the cost of weddings has increased by 25% since 2002, wedding band sales have increased by only 1% -- a pretty sobering statistic given wedding jewelry only represents 7% of the total wedding budget (CNAWS, 2006). The time is now to give wedding bands the reverence they deserve and take back the wedding band business!

This shift in wedding budget didn't happen overnight.  Weddings have become much more elaborate than in past generations, with designer attire, gourmet fare and spectacular venues fit for a queen.  The underlying casualty, unfortunately, has been the focus given to the most symbolic and meaningful aspect of the wedding -- the wedding bands.

Why Wedding Band Sales Are Lagging...And How To Turn It Around
There are a variety of indicators for this transformation of the wedding band into a mere afterthought for many couples.  But the major culprit appears to be fleeting finances at the home stretch.  More than 45% of all couples spend more on their wedding than they anticipated (Hallmark cards survey, 2006), and one in three couples now pays for all of their wedding expenses (CNAWS).  Focus groups conducted by the Wright Group in 2004 revealed that many brides and grooms actually forgot about their wedding rings in the midst of all of their wedding preparation, and by the time wedding bands made it to the top of their "To Do" list, finances were scarce, and they ended up settling for rings they may not have chosen otherwise.  Bottom line, many couples are financially wiped out by the time they get to their last-minute wedding band shopping, and the result....bargain hunting.

Taking back the wedding band business will require the investment of sound relationship marketing on behalf of the jewelry industry, and primarily retailers. According to a study by Hughes, investing in clients retailers already have is five times more profitable than marketing to new ones.

How the couple perceives their jeweler is vital.  Only 29% of all couples said their retailer is a significant influence on their wedding band preferences (TheKnot.com, 2005), and nearly 40% said they weren't even likely to shop for their wedding band at their engagement ring retailer (CNAWS, 2006).  These missed opportunities may easily be converted to successful wedding band sales by positioning your sales staff as helpful bridal jewelry experts or guides, and implementing rewards programs for engagement ring customers, such as discount certificates and preferred financing.

Tools For Taking Back The Wedding Band Business & Increasing Your Profits Expose your platinum engagement ring customers to your platinum wedding band selection when they are purchasing the engagement ring. Educate couples about platinum's place in history as the only precious metal fit for royalty. Remind couples about the pitfalls of putting off the wedding bands purchase. Gather data from engagement ring customers early and start building relationships immediately. Keep in contact with engagement ring buyers and begin sending emails and direct mail seven months before the wedding date. Describe how couples will feel the difference in platinum,  physically by giving them opportunity to hold a platinum ring in their hand. Capitalize on the growing trend of men's wedding bands containing diamonds --30% according to Hallmark Cards' 2006 study.