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Changing Times: A Multiple-Choice Quiz
Columnist Jan Brassem pens another pop quiz, this one testing readers’ knowledge of the times, which he acknowledges are a-changin’.
Jan Brassem is a senior partner at MainBrace Global Partners, a jewelry advisory and & firm with offices in New York and Hong Kong.
Remember that old, iconic Bob Dylan tune, The Times They are a-Changin’?
I’ve been in the jewelry industry for decades, and can’t remember a time when there were so many political, global, social and economic uncertainties--some exceedingly enigmatic --facing the industry.
But wait, there’s more. No matter what ambiguities you encounter, or what you’ll do about them, it never seems to be the right “answer.” Today’s uncertainties always seem to be growing, changing and moving in the wrong speed or direction. They have become “moving targets.”
Makes you feel like you’re just howling at the moon sometimes.
The changing customer demographics is a case-in-point. The growing economic power of Generation Y, (a/k/a, Gen Y or the Millennials), 74 to 100 million consumers, born between 1978 and 2000, is expected to be a powerful economic force.
In case you didn’t know, the Gen Y’ers are forecast to purchase, directly or indirectly, $200 billion in goods or services a year, five times more than their parents did at their age. There are now more Gen Y’ers than Baby Boomers, and they will represent 50 percent of the total U.S. work force by 2017. Oh, did I mention, within the next five years, the biggest revenue source for any industry is forecast to come from the Gen Y consumer.
No matter what consumer authority you talk to, it is agreed that the Gen Y consumer is technologically sophisticated, considering that many of them probably used a computer before their first day of school. The computer became their “training wheels” so to speak. They are the “Internet generation.”
So it’s no surprise that the tech-savvy Millennials have earmarked a good part of that $200 billion for electronics. Consequently, iPads, iPhones, iPods, smartwatches and who knows what else have usurped much of their discretionary spending. Many retail authorities suggest the siphoning was at the expense of the basic jewelry store/chain.
In addition to the buying power of the millennials, here are 10 questions that test your knowledge of some of the other trends confronting jewelers today. If you know about them, start planning to minimize, or maximize, their effect on your store or operation. If you’re unfamiliar with some of these trends, you’ve got work to do.
Please answer the questions as best you can. The answers follow with a brief reference/explanation or are self-explanatory.
Quiz (Choose either A, B or C)
1.
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Over the summer, China, the world’s largest trading country, devalued the Yuan Renminbi, their official currency. What effect will that have on U.S. purchases from China?
A. No effect
B. It will make Chinese products cheaper.
C. It will make Chinese products more expensive.
2. Where is the largest, annual overseas jewelry/watch trade show?
A. HTDC International Jewelry Show, Hong Kong
B. Baselworld Watch and Jewellery Show, Switzerland
C. Bangkok Jewelry Fair, Thailand
3. According to leading world-class executives, including Warren Buffett, “a growth strategy that is faster, cheaper and less risky than organic expansion, despite the challenges” is?
A. Inventory substitution
B. Acquiring or merging with other businesses
C. Buying inventory in Asia
4. L2, a well-known, member-based business intelligence firm that benchmarks the digital performance of brands, put Tiffany & Co. where on its 2015 ranking of specialty retail brands?
A. 1st
B. 9th
C. 13th
5. Seeking to broaden their customer base by lowering their retail price while at the same time retaining their cachet, luxury brands have more than trebled their customers, according to Bain & Company. Spending on jewelry, watches, etc. has risen at double the rate of global GDP. Most of these new buyers are not the very rich but the merely prosperous, with incomes of up to $188,000.
According to The Economist, which brand led the movement to lower retail prices?
A. Rolex
B. Cartier
C. Breitling
6. Recent research by Stanford University on consumer decision-making has examined if people are able to make better purchase choices using the new Internet environment. Does this research mean that brands will become less important to consumer in the future?
A. Yes
B. Too early to tell
C. No
7. Last month, Boston’s RR Auction Company sold the one and only lunar-landing watch held in private hands: Commander David Scott’s Bulova Prototype, which was worn on his third and final moonwalk of 1971’s Apollo 15 mission. How much did it sell for?
A. $50,000
B. $1.6 million
B. $1,500
8. There are many types of analytical tools, such as statistical analysis and behavior “coding,” to name two. In the groundbreaking Analytics at Work, Davenport, Harris and Morison argue that using analytics can help to determine new product offerings and where to effectively employ marketing dollars. However, their research suggests that important decisions frequently are not based on analytical skill but rather on one’s “gut” feeling. According to their research, what percentage of the time are decisions based on “gut” feelings?
A. 90 percent
B. 40 percent
C. 20 percent
Answers, including sources
1. B
http://blogs.wsj.com/briefly/2015/08/10/5-things-about-chinas-currency-devaluation/
2. B
Research by MainBrace Global Partners
3. B
Rules to Acquire By Bruce Nolop in Harvard Business Review, www.hbr.org
4. B
http://www.l2inc.com/brand-rankings
5. B
6. B
http://www.gsb.stanford.edu/insights/itamar-simonson-do-brands-still-matter-online-shoppers
7. B
http://nypost.com/2015/11/05/this-1-6m-watch-went-to-the-moon/
8. B
Analytics at Work for Smarter Decisions and Better Results by Thomas Davenport, Jeanne Harris and Robert Morison, Harvard Business Press, www.hbr.org/books
Jan Brassem is a senior partner at MainBrace Global Partners, a jewelry advisory and M&A firm with offices in New York and Hong Kong. E-mail him at Jan@MainBraceGlobalPartners.com.
A. No effect
B. It will make Chinese products cheaper.
C. It will make Chinese products more expensive.
2. Where is the largest, annual overseas jewelry/watch trade show?
A. HTDC International Jewelry Show, Hong Kong
B. Baselworld Watch and Jewellery Show, Switzerland
C. Bangkok Jewelry Fair, Thailand
3. According to leading world-class executives, including Warren Buffett, “a growth strategy that is faster, cheaper and less risky than organic expansion, despite the challenges” is?
A. Inventory substitution
B. Acquiring or merging with other businesses
C. Buying inventory in Asia
4. L2, a well-known, member-based business intelligence firm that benchmarks the digital performance of brands, put Tiffany & Co. where on its 2015 ranking of specialty retail brands?
A. 1st
B. 9th
C. 13th
5. Seeking to broaden their customer base by lowering their retail price while at the same time retaining their cachet, luxury brands have more than trebled their customers, according to Bain & Company. Spending on jewelry, watches, etc. has risen at double the rate of global GDP. Most of these new buyers are not the very rich but the merely prosperous, with incomes of up to $188,000.
According to The Economist, which brand led the movement to lower retail prices?
A. Rolex
B. Cartier
C. Breitling
6. Recent research by Stanford University on consumer decision-making has examined if people are able to make better purchase choices using the new Internet environment. Does this research mean that brands will become less important to consumer in the future?
A. Yes
B. Too early to tell
C. No
7. Last month, Boston’s RR Auction Company sold the one and only lunar-landing watch held in private hands: Commander David Scott’s Bulova Prototype, which was worn on his third and final moonwalk of 1971’s Apollo 15 mission. How much did it sell for?
A. $50,000
B. $1.6 million
B. $1,500
8. There are many types of analytical tools, such as statistical analysis and behavior “coding,” to name two. In the groundbreaking Analytics at Work, Davenport, Harris and Morison argue that using analytics can help to determine new product offerings and where to effectively employ marketing dollars. However, their research suggests that important decisions frequently are not based on analytical skill but rather on one’s “gut” feeling. According to their research, what percentage of the time are decisions based on “gut” feelings?
A. 90 percent
B. 40 percent
C. 20 percent
Answers, including sources
1. B
http://blogs.wsj.com/briefly/2015/08/10/5-things-about-chinas-currency-devaluation/
2. B
Research by MainBrace Global Partners
3. B
Rules to Acquire By Bruce Nolop in Harvard Business Review, www.hbr.org
4. B
http://www.l2inc.com/brand-rankings
5. B
6. B
http://www.gsb.stanford.edu/insights/itamar-simonson-do-brands-still-matter-online-shoppers
7. B
http://nypost.com/2015/11/05/this-1-6m-watch-went-to-the-moon/
8. B
Analytics at Work for Smarter Decisions and Better Results by Thomas Davenport, Jeanne Harris and Robert Morison, Harvard Business Press, www.hbr.org/books
Jan Brassem is a senior partner at MainBrace Global Partners, a jewelry advisory and M&A firm with offices in New York and Hong Kong. E-mail him at Jan@MainBraceGlobalPartners.com.
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