De Beers & Diamond Marketing
How are you this Wednesday? Happily humming along at work, anticipating your plans for this Valentine's day weekend? Me too :)
The significance of Valentine's day is open to interpretation, of course. It can be the most romantic day of the year, or one of the most successful marketing campaigns ever by greeting-card companies and chocolatiers. I take the holiday "hype" with a grain of salt but do enjoy the opportunity to celebrate love :)
In any case, in honor of Valentine's day I thought I'd share a fun marketing tidbit on romance.
So, here's the question... what's the rule of thumb for how much a guy should spend on a diamond engagement ring? Three months' salary, right?
Says who!? As many are aware by now, those "rules of thumb" were old marketing campaigns by De Beers to "guide" the amount of money spent on diamonds. Initially De Beers set the price point at one-to-two months' salary. Since it was so successful, they later pushed for two months' salary, and then three months'. They are antiquated sayings now, but you can still find the old ads on Google:
What's more, over the years De Beers marketed different numbers to different countries. In 1998, it was "one months' salary for stingy Britons, but two for Americans, and three for Japanese." (The Economist)
Ha! Marketing is a cunning and clever lover... a sly fox, that one. As always, thanks for reading and please add me to your Bloglovin' feed! Have a fun Valentine's weekend!