A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
The experiential economy
This week Time Inc. and YouGov, a U.K.-based market research firm, released their 10th annual Survey of Affluence and Wealth, which polls more than 6,000 wealthy consumers worldwide.
But, I did nab some time on the phone with YouGov managing partner Cara David on Wednesday afternoon to discuss one of the more interesting points in the survey: Consumers continue to be more interested in spending their money on experiences than on things.
A MasterCard executive made this same point during her presentation at the Global Retailing Conference this week in Tucson. (As a side note, I know that there is a disparity between the data from the U.S. Commerce Department on jewelry sales that we reported on earlier this week and that which MasterCard presented at the Tucson conference. I am looking into this for next week.)
The Time Inc./YouGov survey, which polls affluent consumers about their spending plans for the year and then compares it what was spent last year, indicates that spending on travel will increase more than any other category in 2015. Spending on dining out/out-of-home entertainment also is expected to rise.
The data from MasterCard showed a similar pattern: people are spending more on travel (MasterCard tracks airline tickets specifically) and dining out at restaurants.
“People,” David observed, “are putting their money, first and foremost, in experiences: going places with their families, connecting with people, and that’s tough to compete with.”
This also means that they are spending less money acquiring things, objects, more “stuff” to lay around the house, a trend with which I can identify completely.
I’ve long been fascinated by the entire minimalist movement, particularly those people who limit their personal possessions to 100 objects. I’ve contemplated adopting this lifestyle a few times over the years. I just don’t think, at the end of the day, that I could do it.
But I do like to keep my possessions at a minimum, partly because of the size of my apartment but also because I just don’t want to feel overrun by my “things.”
Like many of those surveyed, I’d rather spend my extra money on going out to dinner with friends, taking trips, or seeing movies or plays. My New Year’s resolution this year, in fact, was to adopt an internal accounting method for keeping my personal inventory
So, where does the current propensity for picking experiences over objects leave jewelry? I would say not in as bad of a position as other “things.”
Jewelry, after all, has both sentimental and intrinsic value. It possesses the elements that David says people are looking for when they purchase non-essentials these days: jewelry conjures up memories, has a greater meaning and, when done right, it is extraordinary and many pieces, particularly nowadays, are one-of-a-kind.
It is the only “thing” for which I am willing to break my 2015 resolution.
The Latest
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.