Jewelry’s leap from a supporting role

One of the most noticeable changes in beauty supply stores around the pandemic was the rise of jewelry. Jewelry, once sold as a matching or companion item, is now one of the main categories of the beauty supplies’ offering. It’s time to stop thinking of it as just a supporting item and start thinking about its fair share in your sales. In this article, we’ve analyzed the jewelry for black consumers, things beauty supply stores should know, effective selling strategies, and products to watch out for in the second half of the year.

source: www.latimes.com

The African American community historically had a deep love for jewelry. More than an ornament, they are an important way to express social status, identity, spiritual beliefs, and beyond. In today’s black community, these elements are particularly prominent in hip-hop culture, where gold necklaces, large earrings, and shiny rings have become symbols of social wealth and status.

Jewelry is often used as a symbol of identity and resistance. The “Black Lives Matter” (BLM) movement is a prime example. When a black teenager tragically lost his life to police brutality in 2012, many people expressed their commitment to fight against racial discrimination by wearing BLM rings, bracelets, or earrings. The black community and jewelry are inextricably intertwined.

Jewelry market correlates to discretionary income

Personal savings per personal disposable income. This graph gives you an idea of how much money an individual has to spare.

Because jewelry is a consumer good that is not directly tied to livelihood, sales tend to increase when the economy is good or when people have extra money. The highest spike in personal disposable income – the amount of money people can spend on non-essential items- in the last 25 years occurred between 2020 and 2022, during the pandemic. The stimulus checks gave many people extra money on top of their fixed incomes, and the jewelry market boomed as a result. However, as of 2024, the discretionary spending is lower than it was before the COVID-19 pandemic. Now that the pandemic boom is over, the jewelry market is facing new challenges.

Still, the future of costume jewelry is bright. Increase in fashion-conscious consumers will likely fuel the market expansion

While the jewelry market boomed because of the pandemic, experts are optimistic about the costume* jewelry market, even as consumers’ ability to spend on jewelry declines. In 2022, the global costume jewelry market was valued at $32.83 billion and is expected to grow to $56.35 billion by 2030. North America led this sector with a market share of 33.35% in 2022.

Jewelry that is sold in beauty supply stores belongs to the category of costume jewelry. It is also known as fashion jewelry because it is made of relatively inexpensive materials and is used to express fast-changing fashions without breaking the bank. Custom jewelry, often confusingly used by name brands and the media, refers to jewelry that is made to order. Most of them are purely handmade, and the term “Order Made” is used interchangeably.

The costume jewelry market is growing globally with the rise of fashion-conscious consumers.

This is directly attributable to the natural introduction and exposure of new products and different types of jewelry to younger generations, especially Gen Z, through social media platforms such as Instagram, Facebook, and TikTok.

It’s a great way to keep up with fast-moving fashion trends where you can get the latest styles at affordable prices and consumers can stay on trend without breaking the bank. It has become an attractive option for younger, trend-conscious consumers and those who value practicality, helping them to make quick style changes without spending too much.

It’s also a great way to showcase your personality through bold designs, vibrant colors, and colorful decorations. Glamorous necklaces, simple yet statement-making nose rings, and crystal-embellished body chains help customers express their personality and stand out from the crowd. It offers a wide range of choices for consumers looking for unique style.

Five things beauty supply owners “shouldn’t do” when selling jewelry

1. “I don’t know anything about jewelry…”

There are business owners who say they simply don’t know. But if anyone knows the people in the area, it’s you. If you’re still not sure, pay attention to what your customers are wearing. It only requires attention and balancing. Just taking the time to observe your customer’s style and think about what jewelry would look good on them can make a big difference.

2. It’s pretty in my eyes, wouldn’t it to the customer?

One of the common mistakes you can make is to overly reflect your own tastes. Unlike wigs, it’s easy to assume you have a discerning eye only because you wear them yourself. But you have to start with the idea that customers have different tastes. While there are some regional and ethnic variations, overall, the jewelry favored by black consumers is characterized by being large, clunky, and sparkly.

3. Jewelry to display in plain sight or hide it in the dark?

Lighting is a device that maximizes the appeal of jewelry. You should avoid displaying them in hard-to-see areas lacking lighting. Shoppers in beauty supply stores aren’t necessarily looking to buy jewelry in the first place, so if it doesn’t stand out, it’s to be overlooked. It’s important to place the jewelry with the customer’s eyes and movement in mind and facilitate the flow.

4. Should you dig one well? No good!

Stone earrings, hoop earrings, these are the items you already know. Don’t just put these items in your store. To make your jewelry section appealing, it’s important to have the right ratio of classic and trendy items. If you only display classic items, it’s hard to change the atmosphere and encourage impulse purchases. However, if you stock up on trendy items, you run the risk of quickly becoming overstocked. You want your customers to feel like they have a wide range of options, but you also want them to know that they can always buy the classics.

Classic items are always and steadily popular. Hoop-style earrings, in both gold and silver, are expected to be a big trend this fall. In particular, bold hoop earrings with a variety of shapes and details will be in vogue, rather than hoops with simple designs.

Chain necklaces, bracelets, and anklets are also classic fashion items. The popular styles range from cubic zirconia chains that evoke luxury to chains with fine detailing and sparkle for a sophisticated look. When the weather gets colder and you’re layering up, a statement piece of jewelry can make a chic, bold statement and make your outfit stand out.

Nose pins

Nabi Jewelry

Nose pins and nose rings are a new trend, and the designs are more diverse than ever. In the past, they were more of a rough image as in piercing, but now there are a number of styles as sophisticated as earrings. In particular, products that emphasize luxury by adding cubic zirconia to a minimalist design are very popular. These nose jewelry pieces are simple and effortless to incorporate into your everyday outfits, and they’re great for making a statement.

Joy Jewelry

There are clip-on products that allow you to wear a nose ring without piercing your nose. Not only are they a big hit with people who can’t get their nose pierced, but they come in a variety of designs, making them an attractive option.

Charm, which means “magic” or “witchcraft,” came under the fashion world’s spotlight earlier this year when a celebrity was spotted wearing it on her bag. As a result, the charm trend is likely to spread to jewelry as well as bags. Multiple charms on a piece style for necklaces, bracelets, and other jewelry will be popular. Charm jewelry is an item that can reflect a person’s taste in detail, which is perfect for today’s generation who expresses themselves through their accessories.

Jewelry with one’s name, initials, or letters with personal meanings is an item that can hold special meaning for the wearer. They can be paired with other jewelry to make them stand out, and in recent years, they’ve become available in a variety of materials and designs, giving you even wider options.

RED by KISS: A jewelry gift collection that comes in a gift box; gift wrapping is not necessary. It’s a set of earrings and a necklace with designs inspired by bows, teddy bears, butterflies, flowers, and more. With styles to suit everyone, it’s the perfect gift to share this holiday season.

The ONE: This sparkle-filled wedding set is a sophisticated, yet not over-the-top design that will make your special day shine. It consists of earrings and a necklace, and is perfect not only for weddings, but also for the upcoming Thanksgiving, Christmas, New Year, and other holiday events and gatherings. It’s a great item for formal occasions.

COVER STORY 1 By BNB Magazine
BNB 매거진 2024년 10월호 ©bnbmag.com