By 2018, the jewelry market is expected to reach $67.3 Billion. With the convenience of the internet, expanding your business into the United States is even easier. Online shopping is convenient and, typically, consumers can find lower prices. Ever since the recession, consumers have started to be more price sensitive. This is a major incentive for costume jewelry retailers because costume jewelry is cheaper than high-end jewels.
Another incentive is that no single company controls more than a 6% share of sales. Jewelry manufacturing in the United States has been declining because of strong foreign competition; so, the United States has started to produce their product overseas. This opens a huge window for companies, like you, wanting to expand into the United States because the brand loyalty just is not there anymore. Since the recession, people are more price sensitive and have less brand loyalty, especially if the products are not even made in the United Sates. As a result, they are open to changing brands if they like the quality, aesthetics and price.
In addition, the second largest customer segment for buying jewelry are people between 24 and 35 years old. This customer segment has the lowest income, yet, spend a lot of money on jewelry. So, providing them access to jewelry that is more affordable and versatile is one effective way to penetrate the market.
Since costume jewelry is less event-centric, people buy it more often and year-round rather than just around the holidays. In addition, more men are starting to wear jewelry which expands the customer market making the demand for jewelry even larger.
In the United States, there is something for everyone. By knowing how to leverage your product and which way to promote your business, you can successfully expand your business into the United States.