European export market: Jewelries
The European jewelry market has provided great opportunities for exporters from developing countries despite the economic crisis. Market research shows Europe needs imports from developing countries for costume jewelry, bride jewelry, special jewelry designs, and jewelry components.
In 2014, the European economy was gradually recovering. Consumption and production of jewelry were driven by growing tourism and local purchasing power. Imports grew and exports expanded quickly. Developing countries who intend to export to Europe should understand the buying trends of consumers both locals and tourists, and subsequently evaluate the potential of markets and segments to grow.
Consumption
Growth in jewelry sales varied from country to country:
- France is the leading country in sales yet experienced a bit of a decline in 2014.
- UK sales were expected to grow mainly due to silver jewelry.
- In Spain, tourists spend more on jewelry and watches.
The online market became the fastest growing channel for selling jewelry.
Import
European import has grown significantly and consistently. Most of these imports are intra-European and despite China being one of the leading developing country suppliers, Chinese imports have been declining though over the years.
The younger generation’s inclinations towards jewelry purchase has resulted in affordable ranges that can cater to this new customer group.
E-commerce, mobile commerce, and social media
- Services that jewelers offer online should be analysed properly in order to give support to them or offer a better alternative.
- Social media poses an opportunity for developing countries to reach export consumers swiftly and access buyers conveniently. Social media can be used for marketing purposes and customer engagements where photos of facilities and jewelry can be posted for the public to see.
- The unavailability of video quantity in mobile sites has become the weakness of jewelers. Thus, a tailored video source would be highly recommended.
Prices
- Online prices of jewelers should be the reference for your pricing strategy.
- The click-through rate or purchase rate online should be analysed to determine the ranking of the jewelry and adjust the product portfolio accordingly.
Social media and mobile sites
Being present in social media has been an important strategy for jewelry brands now – going on social media and launching mobile sites. Consumers can now follow these brands and be updated on their products leaving analysts a good source of data to check consumer trends.
Online sales
Online revenues have driven the high-end market. Online sales are growing and are only expected to grow. Online shopping has also grown as well. Because of this, traditional jewelers are now forced to go into e-commerce.
Pop-up stores
Pop-up stores are temporary stores at designated venues that highlight exclusive, surprising, and exciting offers leading to increased brand exposure and a clearer message to an audience. The benefits of these stores are as follows:
- Contact with customers: Brand vendors get to know their customers personally and establish stronger relationships with them.
- Building awareness: Both consumers and media love the hype generated by pop-up stores.
- Low price: Pop-up stores are cheaper than traditional ones.
Wearable and hi-tech jewelry
- Sales of wearable tech is increasing rapidly. This is due to awareness in fitness, healthcare, social media, and messaging. This has made retailers engage more in start-ups of wearable tech.
- Significant growth is expected in buyers who purchase for fashion first.
- Wearables tend to be more popular with women. However, they smaller and sleeker devices.
“Made in” labeling
The labeling of jewelry regarding where it’s made appeals to a customer as it confirms the origins of the precious stones, gold or silver being used. This is important as certain countries have a more credible reputation in the area of jewelry trading and making. Hence, these are more sought after.
The European jewelry market has grown consistently over the years and market research shows that it will continue to last. This will serve as a great avenue for exporters and importers and provide a good economic background in Europe.
