If there's anything most Americans can probably agree on, it's that life is a little more expensive these days.
With inflation up 3% from a year ago, many of us are feeling the pinch in our wallets. Yet retail is at a funny junction.
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On the one hand, retail has never been stronger. Despite some long-anticipated bankruptcies in the brick-and-mortar space, large incumbents like Amazon, Target, and Walmart have never been stronger.
While many of us may be spending more, we tend to be more discerning about it. Consumers are deal-hungry and skeptical of so-called bargains. Many of us increasingly seek out deep discounters, like Costco, Sam's Club, or TJ Maxx instead of large big box retailers like Macy's or Kohl's.
It's true, the pandemic helped many of us pick up a little shopping habit that's here to stay. But it's also made us smarter consumers.
Which is why a recent agreement between jewelers Zales and Rocksbox may just be a genius inroad with some of the savviest spenders of all.
The stores, which operate under parent company Signet Jewelers (SIG) -), will offer customers the opportunity to rent jewelry for special occasions like weddings rather than having to buy it outright.
"At Zales, we continually look for ways to innovate and connect with our customers and enhance our service offerings. The Zales x Rocksbox Fine Jewelry Rental program is a milestone launch as we come together with Rocksbox to offer customers a try-before-you-buy rental experience coupled with the fine jewelry that our Statement Maker customers have come to expect from Zales, offering them additional opportunities to fully express themselves and capture their dream look. This pilot program is also a part of our overall strategy to evolve our customers' personalized shopping experiences," Zales President Kecia Caffie said.
Renting Jewelry Could Be a Gold Mine
The partnership will be rolled out to 50 Zales stores nationwide to test the program. We can assume if it's successful it'll be more prolific as wedding season is now fully underway.
At the start, the program will include 36 pieces of jewelry, including necklaces, bracelets, earrings, and of course, rings. The pieces will range in price from $1,000 to $10,000.
Some of the items available include:
- 2-1/2 carat Halo Drop Diamond Earrings in 10K White Gold: $175 (purchase price:$3,500)
- 4 carat Diamond Eternity Necklace in 10K White Gold: $262.50 (purchase price: $5,250)
- 9 carat Diamond Line Bracelet in 10K White Gold: $500 (purchase price: $10,000)
Rentals will be offered for up to two weeks per item and will be available at around 15% of the items original purchase price. So if you are planning on getting glitzy for your big day and would like to wear a $10,000 tennis bracelet but hate to spend all that money for a six-hour event, it could just cost you $500. Still pricey, but when you consider that many people spend well-north of that for rings alone, it could be justifiable for deal-hunters.
And of course, if you absolutely fall in love with whatever piece(s) you happened to rent for your big day, the item will be available for purchase following the rental.
