I was at a business dinner last week, and I asked people what ice cream they had in their freezer at the moment.
Lots of people said very specific things, like, “I have three types of Ben & Jerry’s” or “I have mint chocolate chip ice cream and coffee frozen yogurt.”
Then I asked, “How many pieces of jewelry do you own?”
No one had even a decent guess. In fact, I think almost no one knows how much jewelry they have.
Why am I telling you this?
Because we are in a phenomenal and infinite market. Despite the fact that no one seems to know exactly how much jewelry they have, people keep buying it.
There is a jewelry and accessories boutique located inside a day spa near me. The folks who go there presumably have plenty of jewelry already, but the boutique is almost always crowded.
That’s because jewelry is not a necessity. In fact, it’s often purchased on impulse, and the buyer often — on an impulse purchase — is not buying for any rational reason. They just want it.
I’d argue that having a lot of turquoise jewelry, for example, makes a person MORE likely to buy more turquoise jewelry, not less. They are familiar with it, likely knowledgeable about it and recognize what they want.
So the next time you’re worried about whether or not there’s too much competition out there among jewelry sellers, fear not. The market is truly infinite.