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Commissioned by Platinum Guild International, it shows that millennials and Gen Z are the most likely to purchase fine jewelry.
New York—According to a survey Platinum Guild International commissioned, half of millennial and Gen Z fine jewelry lovers are likely to add to their collections this holiday season.
Conducted by 360 Market Reach, the study polled 1,000 American consumers ages 18 to 64 who either have or are open to purchasing fine jewelry costing at least $1,000.
The bullish attitude of millennial and Gen Z consumers was countered by a more conservative response from older demographics.
When asked if they would shop for fine jewelry this holiday season, 49 percent of Gen Z respondents and 50 percent of millennial respondents said they definitely or probably would, compared with 38 percent of Gen Xers and 24 percent of baby boomers.
But it isn’t safety concerns that have boomers and Gen X potentially holding onto their wallets.
A majority of survey respondents indicated concerns around COVID-19 won’t put them off visiting a jewelry store for in-person shopping, with 64 percent saying they felt “completely” or “mostly” comfortable.
A total 87 percent of respondents said they would shop in-store for any holiday fine jewelry purchases, with 70 percent saying they would shop online in addition to visiting stores.
For in-person shopping, 48 percent of total respondents buying fine jewelry this holiday season planned to visit a local independent jewelry store, followed by 42 percent who planned to shop at a national chain like Jared, Kay or Helzberg.
Of those who also planned to do some of their fine jewelry shopping online, 29 percent said it would be via a national chain’s ecommerce site, while 22 percent said they would visit a high-end retailer’s website, like Tiffany or Saks, followed by 21 percent who said an independent jeweler’s website.
The survey also asked which safety practices would make shoppers the most comfortable in stores.
The top responses were “seeing employees wearing masks at all times” as well as “requiring customers to wear masks at all times.”
“Limiting the number of customers allowed in the store at one time,” was another top response, followed by “enforcing social distancing measures” and “providing hand sanitizer upon entering the store.”
PGI added that the study also reinforced the importance of jewelers communicating with their customer base via email, social media and direct mail that they are open, as well as the COVID-19 safety measures they’re employing.
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