Editors

And the Survey Says …

EditorsDec 14, 2017

And the Survey Says …

What a recent study tells us about optimism in the industry, where people are buying jewelry and how much of it they are buying for themselves.

20170428_SelfPurchaser-marlaaaron.jpg
A recent study commissioned by Jewelers of America shows that retailers could unlock a lot of potential by marketing to consumers buying jewelry for themselves at random times throughout the year, not just during holidays. Pictured here is Marla Aaron’s 14-karat yellow gold chain and lock, which retails for $732.

Jewelers of America, which owns this fine publication, just announced the completion of a study it commissioned, the “Fine Jewelry Industry Consumer and Retail Market Study.” 

Conducted by Provoke Insights, the study surveyed two distinct groups: those who own jewelry stores (retailers) and those who, hopefully, shop in them (consumers).

While the full results of the study are being published in a white paper made available to JA members only, I was able to get my hands on a copy and will share some of what I think are the most interesting points below.

Let’s start with the retail portion of the study, which surveyed 275 JA member retailers.

When asked about the overall state of the market, survey-takers were overwhelmingly positive, with 79 percent of respondents saying they expect sales to greatly (23 percent) or slightly (56 percent) increase over the next three years.

Only 10 percent of respondents said they expect sales to decline, with the remaining 11 percent forecasting flat sales.

Still, they recognize there are challenges, chief among them being how to evolve and compete in the rapidly changing retail landscape.

Part of being able to compete today is, of course, having an updated website that is both responsive and e-commerce enabled. But that is a challenge, particularly for the smallest jewelers.

The survey shows that only 24 percent of retailers with less than five employees have an e-commerce-enabled website. That number climbs to 36 percent for jewelers with five to 10 employees, and tops 50 percent of those with 11 or more employees.

“When it comes to purchasing high-priced items, customer service is key. Local stores have a real opportunity to offer uniquely luxurious experiences.”  -- Jewelers of America, “Fine Jewelry Industry Consumer and Retail Market Study”
Now, on to consumers, specifically the 2,019 who were surveyed.

What the study found was that regardless of their age, consumers at least like to see a piece of fine jewelry in a store before they buy, even if they do their initial research online.

What’s more, many consumers prefer to shop at local stores over websites, big-box stores and duty-free shops. This is particularly true of those looking to give fine jewelry as a gift.

In the survey, the top location for purchasing fine jewelry was a national chain store, cited by 56 percent of all respondents.

Local stores/small businesses and department stores were next, tied at 47 percent, followed by online retailers that have
some sort of physical presence (33 percent), online-only retailers (28 percent), big-box stores (17 percent), duty-free shops (7 percent) and “other,” like at auction or on vacation (1 percent).

“When it comes to purchasing high-priced items, customer service is key,” JA states in the survey results. “Local stores have a real opportunity to offer uniquely luxurious experiences to compete against department stores, chains and e-commerce websites, where customers have less access to qualified jewelers and gemologists.”

But the survey also showed that jewelers of all sizes are missing out an opportunity--selling to individuals, particularly women, looking to buy jewelry for themselves at any point during the year.

Forty-three percent of survey-takers said they had purchased or received jewelry as a gift in the last year, but only 22 percent bought jewelry for themselves.

Other luxury items don’t have this problem; the survey showed that respondents aren’t timid about buying themselves designer accessories/sunglasses, watches/other timepieces, and designer handbags or leather goods.
RELATED CONTENT: 10 Jewels for the Self-Purchasing Female Consumer
This is problematic for a couple of reasons.

First, attitudes toward marriage are changing. People are waiting longer to wed, or, in many cases, never getting married, either because there’s no longer a social stigma attached to living together out of wedlock or because they’re not in a relationship at all. An article published earlier this fall by the Pew Research Center put the number of single U.S. adults at 42 percent.

So if retailers are waiting around until consumers are getting engaged or thinking about getting engaged to sell them jewelry, then they could be waiting a long time.

Secondly, there is a lot more “noise” around the major gift-giving holidays, like Christmas, Valentine’s Day and Mother’s Day, making it harder to get one’s message heard.

As the survey says: “Focusing marketing efforts outside of major gift-giving holidays is more economical because of off-peak media costs. It can be easier to get one’s promotion or message heard by consumers when they are not inundated with holiday promotions.”
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Graphic for My Next Question episode on lab-grown diamonds
Recorded WebinarsSep 29, 2023
The Lab-Grown Diamond Market: Where Are We Now?

Watch as Edahn Golan, Sherry Smith and Avi Levy join Michelle Graff to talk pricing and trends in this controversial corner of the market.

692-carat rough diamond from the Karowe Mine
SourcingSep 29, 2023
Lucara Severs Ties With HB Antwerp

The two companies initially partnered during the pandemic and had just signed a 10-year sales agreement in November 2022.

Sonya K. Taylor diamond tennis necklace with tourmaline drop
CollectionsSep 29, 2023
Piece of the Week: Sonya K’s Versatile Necklace

A classic diamond tennis necklace gets a whole lot cooler with a removable pendant.

BroughtToYou_Image_R02_V02_LK-01.jpg
Brought to you by
Top 5 Ways to Promote Safety and Security Awareness Among Your Staff

Awareness is essential to proactive protection. Learn how to promote and maintain safety and security awareness in your business.

Pre-Owned Luxury by Rocksbox logo
MajorsSep 28, 2023
Signet-Owned Rocksbox Now Sells Pre-Owned Fine Jewelry

“Pre-Owned Luxury by Rocksbox” offers secondhand jewelry from Kay, Zales, and Jared to members and non-members.

Weekly QuizSep 29, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Gold Roman Bracelet from the British Museum
CrimeSep 28, 2023
Have You Seen Jewels Like These? The British Museum Wants to Know

The museum is asking for the public’s help in finding thousands of pieces of ancient gold jewelry and gemstones stolen from a storeroom.

Pam Waclawski The Kingswood Company
MajorsSep 28, 2023
The Kingswood Co. Names New VP, Wins Award

The company was recognized for one of its private-label, consumer-focused jewelry care lines.

Dialog Solutions
Brought to you by
A Conversation with Dialog Solutions

Do you always want the right diamonds at the right price in your store? Introducing Dialog, the world’s first diamond subscription service.

Chaumet diamond necklace, circa 1900
AuctionsSep 27, 2023
Antique Jewels Shine at Bonhams London

A rare Chaumet necklace and 20th-century sapphire ring sold for double their estimates.

Stock image of rough diamonds from De Beers
SourcingSep 27, 2023
India Calls for 2-Month Moratorium on Rough Diamond Imports

The plea comes against a backdrop of declining demand and falling prices.

Hands pushing a shopping cart
SurveysSep 27, 2023
Consumer Confidence Falls in September Amid Rising Recession Fears

Shoppers also expressed concern about rising prices, higher interest rates, and political uncertainty.

   Platinum Guild International logo
Events & AwardsSep 27, 2023
PGI to Dole Out $500K in Business Grant Program

Participants from the first round of grants saw up to a 900 percent increase in their platinum sales.

Citizen Tsuki-yomi A-T moon phase watch
WatchesSep 26, 2023
Citizen Launches the Tsuki-Yomi A-T Timepiece

According to the watchmaker, it features the first light-powered atomic timekeeping moon phase movement.

Sally Nelson Exclusively Diamonds
IndependentsSep 26, 2023
Sally Nelson, Founder of Exclusively Diamonds, Dies at 86

The former teacher, described as “a pioneer for women-owned businesses,” opened her own jewelry store in 1980.

Crescendo, a 147.96-carat golden citrine by John Dyer for Somewhere In The Rainbow
Events & AwardsSep 26, 2023
2023 Spectrum Awards Entry Deadline Extended

The contest is now open for submissions until Oct. 10.

Instore show logo
Events & AwardsSep 26, 2023
Instore Announces Dates for 2024 Show

The annual event will return to Rosemont, Illinois next August.

Gold holiday gift boxes
SurveysSep 26, 2023
Mastercard Makes Its 2023 Holiday Prediction

According to SpendingPulse, retail sales will increase in November and December but not necessarily for jewelers.

Stock image of hands in handcuffs
CrimeSep 25, 2023
Oregon Jeweler Accused of Selling Lab-Grown Diamonds as Natural

Police say Douglas Wayne Gamble also swapped natural diamonds for synthetic stones and failed to return customers’ repairs.

Neil Lane lab-grown diamond engagement rings for Kay Jewelers
CollectionsSep 25, 2023
Neil Lane’s Latest Collection Uses Lab-Grown Diamonds

The designer just launched a new bridal range at Kay Jewelers.

Yunjo Lee
MajorsSep 25, 2023
Hearts On Fire Taps Mejuri Exec as CCO

Yunjo Lee has also worked on collections for Tiffany & Co. with Paloma Picasso and Frank Gehry.

Steve Levine of Sylvie Jewelry
MajorsSep 25, 2023
Second Generation Takes On New Roles at Sylvie Jewelry

Steve Levine joins the family-owned company, while his brother Gary has a new position.

David Yurman Paris flagship
MajorsSep 22, 2023
David Yurman Alleges These Two Companies Copied Its Designs

The company has filed complaints against Royal Chain and Samuel B.

Yun Yun Sun toi et moi diamond Puzzle ring
TrendsSep 22, 2023
Piece of the Week: Yun Yun Sun’s ‘Puzzle’ Ring

The two-stone style benefits from two-toned metal.

Mineral display at HardRock Summit 2023
Events & AwardsSep 22, 2023
HardRock Summit To Relocate In 2024

The event is moving just outside of Denver.

Timex ReWound video screenshot
WatchesSep 21, 2023
Timex Wants Your Old Watch

The company just rolled out “Timex Rewound,” a new takeback and resale program.

GIA logo
GradingSep 21, 2023
Retailers Warned About Fraudulent Email Purportedly From GIA

The lab confirmed it did not send the message.

Reginald Brack
AuctionsSep 21, 2023
Hindman Appoints New SVP, Director of Jewelry and Watches

Reginald Brack has worked at StockX and Christie’s.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy

Additionally, paste this code immediately after the opening  tag: