Jewelry financing insights: Reaching credit-challenged buyers
Jewelry is often a reflection of life’s most meaningful moments. But for many shoppers, especially those with less-than-perfect credit, access to inclusive payment options can be the difference between admiring a piece and taking it home. Learn more about credit-challenged jewelry buyers and how Snap Finance can help retailers turn more browsers into buyers.
Key takeaways
Understanding buyer motivations builds stronger connections. Many customers buy jewelry to celebrate themselves, not just others.
Ease and transparency drive store choice. Clear pricing, simple checkout processes, and knowledgeable staff help create a positive shopping experience for customers with credit challenges.
Financing can directly boost sales and loyalty. Retailers who partner with Snap Finance can increase conversion rates and strengthen long-term relationships with buyers who value inclusive solutions.
Jewelry has long been a symbol of love, celebration, and personal expression, especially during the holidays and for Valentine’s Day. But while many people dream of owning a beautiful piece, not everyone has the immediate funds or credit history to make it happen.
You might be surprised how many potential customers with less-than-perfect credit are shopping for jewelry in your store. For these shoppers, convenient, inclusive payment options, such as Snap-branded lease-to-own financing and loan options, can be what turns browsers into buyers.
Snap Finance wanted to learn more about how credit shapes the customer journey for major purchases and services of jewelry and other products – when credit access can be critical. For our new report, “Closing the Credit Gap: Major Purchase Study,” we asked consumers with and without credit scores below 670 about recent purchases of goods or services of $300 or more.
What we found might be surprising, including that 63% of credit-challenged jewelry buyers are women. And often, jewelry purchases are not related to gift-giving. Snap found that 57% of those with lower credit scores are simply looking to treat themselves to something new, 21% are seeking to replace broken jewelry, and 11% need to replace items that were lost or stolen.
And what are they shopping for? Among those with credit scores below 670, Snap Finance found shoppers were most often looking for the following types of jewelry:
Necklaces (51%)
Earrings (47%)
Bracelets 936%)
Watches (28%)
Ring (20%)
The emotional weight of a discretionary purchase
For most consumers, jewelry is a splurge or a special treat. In fact, 72% of credit-challenged shoppers view their major jewelry purchase as a "nice to have" item or a splurge, according to Snap. But that doesn't diminish its importance. A piece of jewelry can carry immense emotional value.
Think about the milestones that are often marked with jewelry: engagements, weddings, anniversaries, graduations, and holidays. Buying something for yourself can represent a personal achievement or milestone, a moment of indulgence, or a reward for hard work. For holiday jewelry shoppers or Valentine’s Day jewelry, taking advantage of holiday deals is often a top priority.
When a customer walks into your store, they’re looking to capture a feeling or commemorate a moment. For shoppers on a budget, the desire for that special item is just as strong, but paying for it upfront or securing jewelry financing are often roadblocks, especially for shoppers with low or subprime credit.
Understanding the credit-challenged shopper
Helping your customers with lower credit scores starts with understanding their shopping behaviors and priorities. Price sensitivity is high for major purchases, and brand loyalty tends to be higher compared to shoppers with stronger credit profiles.
What drives their store choice?
When deciding where to shop for a major jewelry purchase, Snap Finance found that credit-challenged jewelry buyers prioritize several key factors, including a wide selection of products or brands and the ease of making a purchase. A complicated, lengthy, or confusing checkout process can be a major deterrent. They are also highly focused on the total price of the item, looking for transparency and affordability.
Beyond price, the ability to get good service and interact with a knowledgeable sales team is also crucial. These shoppers want to feel respected and guided, not judged or dismissed. A positive in-store experience can build trust and encourage a purchase, even if your prices aren't the absolute lowest. Snap Finance found that 60% of jewelry shoppers with lower credit scores already have a brand or store in mind before they even start looking, compared to 49% of those with higher credit scores. But a poor experience can easily send them elsewhere.
Why do they choose a specific item?
The decision to buy a particular piece of jewelry is influenced by several factors. Seeing an advertisement can plant the seed, while a previous good experience with your store can bring them back. A lower price point is, of course, a significant driver. Shoppers, especially those with low or subprime credit, are weighing their desire for a quality piece against the reality of their financial situation.
Snap Finance found that 35% of credit-challenged jewelry shoppers purchased a lower-quality item than what they wanted due to their financial situation or concerns about the economy. In Snap’s study, the average ticket price for jewelry shoppers with lower credit scores was $1,068, which is nearly half the $2,008 average spent by those with higher credit scores.
These findings highlight an opportunity for your business. By offering access to inclusive financing, you can bridge the gap between what shoppers with credit challenges can get today and what they really want, potentially increasing their overall spend.
How financing changes the game for jewelry retailers
Offering access to inclusive payment solutions, including Snap-branded lease-to-own financing and loan options, is a powerful business strategy. For many shoppers with financial constraints, financing is the deciding factor. Snap found that 39% of credit-challenged jewelry buyers could not have made their major purchase without financing. Without access to more ways to pay, you risk losing a significant portion of potential sales.
The payment landscape without financing
Without accessible financing, credit-challenged customers turn to other methods. The most common forms of payment for this group are debit cards, payment apps, and cash. While these methods are straightforward, they limit the customer's purchasing power to the funds they have on hand. This directly contributes to a lower average ticket size.
What happens if financing isn't available at your store? While 56% of those with lower credit scores would use another payment method (perhaps for a less expensive item), 22% would go to a different store that offers the financing they need. That’s a significant number of customers who are lost to a competitor, not because of your selection or service, but because of a lack of payment flexibility.
How jewelry financing boosts sales
When you provide an option for jewelry financing for those with “bad credit,” you empower customers to buy more of what they want. This has a direct and measurable impact on your bottom line. Snap found that 56% of credit-challenged shoppers spent more on their major jewelry purchase than they originally planned because financing was available to them.
Of that group, 20% spent up to 20% more on their purchase. This uplift, multiplied across dozens or hundreds of transactions, can lead to a substantial increase in your overall revenue.
Embracing a new wave of customers
A large and motivated group of shoppers with lower credit scores is actively looking for jewelry. These holiday jewelry shoppers and everyday buyers with credit challenges represent a significant, untapped market for many retailers.
Snap-branded lease-to-own financing and loan options help meet the needs of a significant portion of your market, turning browsers into buyers. Retailers who rely solely on prime lenders risk excluding a large portion of potential buyers.
Among Snap Finance retail partners, 75% say partnering with Snap Finance has increased sales.1 When you promote Snap Finance as an option to your customers, you can:
Expand your customer base beyond those who qualify for traditional financing
Improve sales conversion rates among shoppers who might otherwise abandon a purchase
Strengthen long-term relationships through positive financing experiences
Interested in learning more? Check out these additional resources from Snap Finance:
Closing the credit gap: How credit-challenged consumers shop in 2025
5 end-of-year sales strategies to keep your business humming after the holidays
Not a Snap Partner? Learn more about partnering with Snap Finance.
Snap-branded product offering includes retail installment contracts, bank installment loans, and lease-to-own financing. For more detailed information, please visit snapfinance.com/legal/products.
1 Proprietary research from survey of Snap Finance merchants, 2023.