Bridal jewelry sales continue rising at Costco
New York--The number of consumers purchasing their engagement rings and wedding bands at Costco has increased over the past two years and now exceeds pre-recession levels, the warehouse retailer recently told CNBC.
In an article on “Warehouse Weddings” released ahead of the network’s upcoming special, “The Costco Craze,” Costco Assistant General Merchandise Manager Megghan Harruff, who oversees jewelry, said that couples looking to get married are “doing their homework” before buying bridal jewelry and shop at Costco because of the “high-quality, yet discounted” diamonds.
The company has made headlines in the past for its offering of high-end diamonds, including a $2.3 million pink stone.
“The Costco Craze” is set to air tonight (April 26) at 9 p.m. EST on CNBC. It will re-air at midnight.
According to previews available on CNBC.com, the special will explore how a store that charges members to shop, never advertises, has no signage in the aisles and offers no bags has become an international success story, with 3 million people shopping there daily.
The show also is set to explore what CNBC dubs as the Costco’s “crowning achievement,” convincing customers they are saving money while getting them to spend more.
Pam Danziger, president of Stevens, Pa.-based Unity Marketing, is one of the authorities interviewed for the special, wandering the store’s aisles with CNBC anchor Carl Quintanilla discussing the tips and tricks Costco uses to get people to spend money.
Unity Marketing’s research has shown that Costco is consistently the only discount retailer that attracts more ultra-affluent consumers (defined as those with an annual household income of more than $250,000) than lower-income shoppers (annual income of $100,000 to $249,900).
This is partly due to Costco’s “treasure hunt” environment. The research shows that ultra-affluent consumers get a thrill out of hunting for name-brand bargains.