Jewellery is something that is close to the hearts of many individuals and a lot of thought process goes into the purchasing of certain jewellery items. For most people, buying jewellery is an investment they make because jewellery is expensive and therefore they have to save for it before they buy it. However, there are several factors that influence the jewellery buying decision of a customer. Listed below are a few of them
Economic Status
One of the most important factors that influences a jewellery buying decision of the customer is the economic status. As mentioned earlier, jewellery is an expensive commodity and therefore a person who doesn’t earn very much may not buy fine jewellery that often. Maybe they will save some money for the most momentous occasion in their lives and buy a jewellery like a solitaire engagement ring for that occasion. The moneyed class on the other hand may buy more expensive jewellery depending on how much they can afford to spend.
Function
A decision to buy a certain jewellery item also depends on the purpose of that jewellery. For example, a wedding band is a symbol of commitment and therefore a person invest a good amount to purchase a long lasting ring and wears it every day to remind themselves of the love they share with their partner. This ring is not very ornate, but has a simple design to make it comfortable to wear and easy to maintain. Some people also buy and wear jewellery to look good which in turn increases their confidence.
Personal factors
A Lot of personal factors can influence the jewellery buying decision of a person. For example, the age of the person. A person who is young is more likely to invest in jewellery because they have the means to earn money and have several opportunities to wear them. On the other hand, an old individual would rather invest in his retirement plans rather than jewellery. Similarly, a celebrity who is scrutinized by the public eye tends to invest more on their looks which include jewellery rather than a common man who doesn’t need to look good all the time.
Marketing factors
Believe it or not, the way a particular jewellery item is marketed and presented to a customer plays a huge role in influencing their buying decisions. The best example of this is the marketing strategy used by the diamond companies to make it an essential part of engagements. The marketing of diamonds under the phrase “A diamond is forever” was so wonderfully done that the effects of it last till today influencing several people to invest in diamond rings for their loved ones.
Gender
Last but not the least, the gender of the individual also plays an important role in the jewellery buying decisions of the customers. It is a known fact that women are more attracted to sparkle and glitter than men and that they wear for more jewellery items as compared to men. Therefore, be it natural or synthetic diamond rings, women are more likely to buy jewellery as compared to men.
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