Study: Here’s How Many Have Been Shopping for Jewelry, Watches
Provoke Insights also found out which luxury brands are top-of-mind for consumers.
It’s vital for brands to understand these new habits and trends to know how they impact their industries, and where they stand with consumers.
To gain a better understanding of the consumer mindset, market research firm Provoke Insights recently conducted brand equity and trends research across 19 industries, including jewelry and watches.
Between Jan. 18 and Feb. 3, Provoke fielded a 15-minute survey to 3,000 Americans between the ages of 21 and 70.
Among those surveyed, only 6 percent said they had purchased luxury watches or jewelry in the past three months.
Those with a household income of $100,000-plus, with children, and within the millennial demographic account for the majority of watch and jewelry buyers.
Provoke said 89 percent of these buyers are optimistic about the future but are still concerned about COVID-19 impacting the economy (89 percent), in-person social events (80 percent), in-store shopping (75 percent), their health (71 percent), and their jobs (66 percent).
The study also found that consumers perceive the luxury category as slightly more innovative and a leader compared with other sectors.
But during the pandemic, survey-takers were less likely to say that they will purchase luxury brands in the future, or that luxury brands fit their current needs.
When they are shopping for jewelry or watches, survey respondents said the quality of the brand is most important, while price is less important.
More than half (53 percent) prefer to shop online rather than in store, 68 percent said they like spending time to research items they’re buying, and 54 percent said they would pay more for items that are “sustainably sourced.”
The first was unaided brand awareness, in which survey takes were asked an open-ended question: When thinking about luxury brands, which is top of mind?
The second was a brand equity score, representing the average ratings given by survey takers on “leadership,” “innovation,” “fits needs,” “pay more,” and likelihood to purchase in the next year. These attributes were rated on a 10-point “agree” scale, where one is “strongly disagree” and 10 is “strongly agree.”
Gucci and Rolex led the luxury category when it comes to being top-of-mind for consumers, according to Provoke Insights, with unaided awareness of 20 percent and 11 percent, respectively, and brand equity scores of 6.62 and 6.88.
Not surprisingly, Apple led the scoring in the technology category with unaided brand awareness of 2 percent and a brand equity score of 7.87.
Other luxury brands that were top-of-mind for consumers were: Tiffany & Co. (2 percent unaided brand awareness and a brand equity score of 7.19), Coach, Louis Vuitton, Chanel, and Michael Kors.
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For the second year, the e-tailer offered its customers “first-to-market” dibs on the latest timepieces.
After months of pandemic-driven social distancing, restrictions and lock-downs, consumers will be excited to visit your store. Now is the time to ensure you have the right inventory on-hand to capitalize on that excitement!