Despite the pandemic, Metro Detroit consumers are expected to spend $224 million on fine jewelry this year. Based on projections from IBISWorld, here's what will be purchased:
- $94 million worth of diamonds
- $33 million worth of watches
- $22 million worth of gold
- $26 million worth of pearls and gemstones
- $47 million in other goods and services
Southeast Michigan business owners will now have an easier time capturing a bigger share of jewelry expenditures as a monster competitive force disappears.
This week, Signet, the largest jewelry retailer in the country, announced that by December, it would be closing over 380 stores. Signet's brands familiar to Detroit consumers include Kay, Jared, Zales, and Piercing Pagoda.
To successfully compete for the void created by fewer Signet stores, local retailers will need to advertise, especially between now and the end of the year. This is when 63% of all fine-jewelry sales traditionally occur.
By any metric, the best way to reach local jewelry buyers is by advertising on Detroit radio.
According to Nielsen, of all the media elements of an advertising campaign, the number of different people reached has the greatest effect on sales.
Each week, Detroit radio reaches significantly more jewelry buyers than all other media options. More than local or pay-TV. More than social media. More than newspaper. And, more than streaming audio sites like Pandora or Spotify.
The most lucrative segment of the market for any jewelry store, however, is their bridal business. Engagement rings, wedding rings, and gifts can account for up to 40% of annual sales.
Detroit radio also reaches, by far, the most consumers planning to be married within the next 12 months.
Of all media, advertising on Detroit radio can provide any retailer, including local jewelry stores, with a remarkably strong return-on-investment.
Nielsen has conducted more than 20 studies measuring the ROI radio advertising delivers. Across all business types, radio returned $1000 in sales for every $100 invested, or 10%. The results specifically for retailers ranged from 11%-23%.
Local jewelers have fewer than six months to make a difference in their sales for the rest of the year. Now is the time to shine. Advertising can make all the difference.
More Advertising Advice For Detroit Small Business Owners
- Detroit Radio Listeners Will Power The Post-Pandemic Recovery
- Best Way To Re-Introduce A Detroit Small Business To Consumers
- Traffic In Detroit Is Picking-Up. Is Your Small Business Ready?
- What Happens When A Detroit Small Business Stops Advertising?
- Why Metro Detroit Real Estate Agents Need To Advertise Now
- Who'll Be Buying When Detroit Small Businesses Reopen?
