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milenials do not invest in jewelry instead they rent it

MILENIALS DO NOT "INVEST" IN JEWELRY. THEY RENT IT INSTEAD.

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In the age of Uber and AirBnb, Rent the Runway, and a slew of subscription boxes, independent jewelers finally have something different to look forward to in their own industry. That something different is a brilliantly simple concept. Renting jewelry.

Aside from the bridal jewelry business - for which, let's face it, independent jewelers have to compete with online giants like BlueNile, James Allen, and Brilliant Earth - there is very little action going on in the fine fashion jewelry department. Gold prices pushing two grand per ounce are not helping sales, either. Covid is... the icing on the cake. In this trifecta of forces, independent jewelers are left with some backflip decisions to be made. Back in 2007 during the Great Recession, the jewelers who jumped on the gold buying bandwagon managed to ride through the storm and even made good money along the way.

Fast forward to 2020. Now what?
If you can't sell your fashion jewelry, why not rent it short term then? Women are renting dresses, handbags, and yes, fine jewelry. They are renting for special occasions such as weddings and parties, but are also interested in keeping a rotating jewelry wardrobe for daily wear. And when they fall in love with a piece of jewelry after wearing it for a while, they often buy it (because people do impulsive things when they are in love.)

Of course, the first thing that pops in EVERYONE's head is - What happens if the customer damages the jewelry, or worse, decides to steal it?  That's where Trejours comes in. As an online platform created specifically for vendors, Trejours provides the security and safety of knowing that if the jewelry gets damaged, it is fully insured. And in the unlikely event that the jewelry gets stolen, the jeweler will get paid for the price of the piece.

Like it or not, milenials are online. And they are very, very savvy. They want experiences. They like variety, and they have the leverage to demand it. Renting jewelry makes sense to them, it's affordable, and allows them to cultivate a jewelry appetite by mentally "owning" the rented jewelry for a little while. What a better way to reach self purchasing women than putting jewelry directly in their hands?

As the saying goes, change is inevitable. But adaptation is optional.

For more information on how Trejours works for jewelry vendors, click here

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