|By PR Newswire||
|July 31, 2014 10:00 AM EDT||
NEW YORK, July 31, 2014 /PRNewswire/ -- When it comes to popping the question, timing is key. If the proposal happens too early or too late, chances are the outcome is not picture perfect. But if timed right, the proposal spells a blissful union between the couple….and potentially the start of a love affair with a jeweler for the rest of their lives!
This affair starts with an Engagement Ring…
The wedding market is the bread and butter revenue source for the jewelry business. The average income of the primary target – Men in the 25 to 45 year age range - is $40,000. Going by the popular notion that men spend 3 month's salary on the engagement ring, the average engagement ring budget is expected to be around $10,000. However, jewelry experts peg the actual engagement ring amount spent to be between $5,000 and $5,500. Commenting on this trend, Raphi Mahgereft, an executive of Allurez - a leading online jewelry company - elaborates, "A budget of 3 month's salary is more of a myth. Different couples, spend different amounts of money on their engagement rings. In addition, they do keep in mind future demands of wedding day planning and expenses related to starting a new life together."
The Online Advantage
This consumer pragmatism, is possibly a key factor in the ever increasing popularity of online jewelry companies like Allurez. Unlike brick and mortar stores, online retailers have lower overhead costs that translate into better pricing. Additionally, while buying from Allurez, customers can select from a wider selection of exclusively designed preset engagement rings than the limited stock of an offline store. The icing on the cake is perhaps the opportunity to custom create that exclusive piece of bling through design your own engagement ring menus. Select the stone, setting and even the budget using this self-service menu, while avoiding the unnecessary haranguing by the store salesperson.
Bridging the gap between "Yes" & "I do"
If marketing tactics are timed and targeted well (like the proposal), the association between the couple and jeweler that began with a "Yes" can extend successfully to "I do" and beyond. Surprisingly, out of the 14,000 brides and 1,700 grooms surveyed by "The Knot 2013 Engagement Jewelry Study," only half said that their jeweler did some follow up after their engagement ring purchase.
A large majority - a whopping 67% - of the engaged couples take between 7 months and 18 months to wed. This time window is important for jewelry companies to target that important repeat purchase. Raphi Mahgereft adds, "We've identified 4 business opportunities in the wedding market after the engagement ring purchase. Wedding bands, coordinating wedding jewelry, accessories for the groom, and gifts for important members of the bridal party are part of our re-targeting efforts to encourage repeat purchases."
Allurez targets this time between engagement and wedding with follow-up emails, specials on matching wedding bands, refer-a-friend program, and money off additional purchases. The company routinely sends email newsletters to inspire their clientele with jewelry trends and newly introduced jewelry collections. Today, all these efforts have translated into a sizable portion of revenues being generated by referrals and repeat purchases.
Operating as an innovative and robust retailer and designer of exceptional jewelry from the heart of NYC, Allurez is recognized for providing the largest selection of designer style jewelry for men and women including engagement rings, wedding bands, bracelets, necklaces, pendants, earrings, and watches. Designed using the finest metals and conflict-free diamonds and gemstones, Allurez provides custom made jewelry for customers seeking the finest jewelry available.
For additional information about any of Allurez products including all customized jewelry, please see our website at Allurez.com or call 1.800.554.3509 for details.
Rapaport Weekly Report – Rapaport USA, July 18, 2014
Average Engagement Length, And Other Wedding Planning Statistics – Huffington Post, January 4, 2013, http://www.huffingtonpost.com/2013/01/04/average-engagement-length_n_2411353.html
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