Silver jewellery ticks many boxes in these coronavirus-afflicted times. From its e-commerce appeal and strong in-store retail potential to its suitability for special themes, it provides manifold opportunities for the market to drum up some business.
A recent MVI consumer research study cited by the Silver Promotion Service (SPS) underscores the white metal’s contribution to retailers’ turnovers and bottom lines. The report confirmed that 50 percent of survey respondents who were planning to buy jewellery “just because” indicated that they would opt for pieces in silver.
To help the market capitalise on this pent-up demand, SPS recently launched the Virtual Silver Pavilion on savorsilver.com. Aside from showcasing new silver styles from its members, the platform includes tips on merchandising, fashion trends and tapping the bridal jewellery sector.
According to SPS’ 2019 Silver Jewelry survey, 63 percent of US retailers who responded identified 20- to 40-year-olds as the age group buying the most silver jewellery. Female self-purchase offered the best-selling opportunities for silver. Women buying for themselves typically spend less than US$200 on silver jewellery, making it the affordable alternative.
Weddings also hold good potential for silver jewellery sales, SPS added. The Real Weddings survey by The Knot showed that 74 per cent of engagement rings were in white metals. While silver accounts for just 7 percent of that total, it offers options and price points to personalise each bridal accessory and every wedding party gift.