In recent years, it’s been noted that consumer purchasing patterns have evolved. Economic pressures have weakened consumer confidence and reduced discretionary spending.
As a result, consumers have shifted towards ‘considered’ but less frequent purchases when it comes to products like jewellery. The concept of ‘affordable luxury’ has also become increasingly popular – with consumers seeking jewellery that has a high-quality look and feel, and yet isn’t as damaging on the hip pocket.
This trend is particularly prominent among younger consumers who prioritise budget-friendly jewellery using alternative materials without compromising on style. This shift has also undoubtedly been aided by the record-high price of gold.
It’s been challenging for the jewellery industry to adjust to this new landscape, and suppliers are innovating to remain competitive. Among them is Golden Mile Jewellery Manufacturers, and the staff have been hard at work expanding a range of chains, earrings, bangles, and pendants.
General manager Jacinta Collins said that feedback from retailers has been particularly positive around silver-filled products – providing consumers with jewellery that has weight and feel without the cost of solid gold.
“What we manufacture is unique compared to anything else in the jewellery market. With the price of gold so high, I think it’s the perfect high-quality product that doesn’t come with the intimidating price point,” she tells Jeweller.
“There are many variations of filled, bonded, and vermeil products on the market; it’s a saturation of mass-produced and low gold content products that can mislead consumers. We don’t blame anyone for being sceptical when we say that we manufactured 9-carat silver-filled products.
“In a nutshell, the products we manufacture are created in a similar way to a hollow piece of jewellery, except they are then filled with silver instead of air. That’s the key difference; the jewellery has around the same gold content as a hollow product, but with a far better weight and feel."
The concept of ‘affordable luxury’ was highlighted at length in a special report published by Vogue Business earlier this year. A survey of almost 1,000 readers revealed that 37 per cent of shoppers are purchasing luxury products less frequently than they did 12 months ago.
Two-thirds (66 per cent) of readers said they are more likely to wait for discounts or sales to purchase luxury products. Collins said that adjusting to this new landscape has been challenging; however, thinking outside the box and moving with the times has always been important.
“In a time where consumers are spending more wisely, we’re focused on offering retailers a more considered option. Consumers will get value for money and a product that will last the test of time,” she explained.
“Customers enjoy a more affordable product that feels solid and will last a lifetime without paying the costs associated with solid gold. We also ensure we’re producing our new designs in both solid and 9-carat silver-filled to give retailers an edge – reasonably-priced products in the latest designs and trends.”
The International Jewellery Fair will take place at Sydney’s International Convention and Exhibition Centre in Darling Harbour, beginning on 23 August.
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