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

Future Fortune sapphire ring
TechnologyMar 28, 2024
Pinterest’s 2024 Wedding Report Is Out

The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.

David Ettinger
IndependentsMar 28, 2024
David Ettinger of Bechdel Jewelers Dies at 69

He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.

Jewelers of America logo
IndependentsMar 28, 2024
JA to Host Series of Learning Workshops

The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Jaeger-LeCoultre Madison Avenue NYC store
WatchesMar 28, 2024
Peek Inside Jaeger-LeCoultre’s Revamped NYC Flagship

The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.

Weekly QuizMar 28, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Georgia May Jagger Tommy Hilfiger ad campaign
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%

The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.

Hand holding shopping bags
SurveysMar 27, 2024
Consumer Confidence Held Steady in March

Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

Tiffany & Co. With Love, Since 1837
MajorsMar 26, 2024
Tiffany & Co. Debuts ‘With Love, Since 1837’ Campaign

Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Nordstrom Men’s Store New York City
MajorsMar 26, 2024
Nordstrom May Go Private, Says Report

The retailer previously turned down an $8.4 billion offer in 2018.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

×

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