Affluents' spend on jewelry, watches may decline
New York--Affluents may not be increasing their spending on fine jewelry and watches within the next year, according to a recent survey.
The American Affluence Research Center (AARC) has released the highlights of its Spring 2012 Affluent Market Tracking Study, which identifies purchasing intentions for major expenditures, as well as expected changes in spending for certain products and services, including fine jewelry and watches.
“This new survey shows that the affluent have returned to a more positive perspective on current business conditions and their 12-month outlook for business conditions, the stock market and their personal household income and net worth,” AARC said.
Notable from the survey was 25 percent of respondents naming Costco as the best retail chain, 47 percent subscribing to a daily deal promotion and 81 percent belonging to a customer loyalty program. Of the loyalty programs, affluents identified the most important feature as the value and type of rewards that can be earned.
More than half of respondents (54 percent) said loyalty programs influence them to spend more with a business then they would normally spend.
The survey found that the index for fine jewelry and watches rose to 64 point, 5 above the Fall 2011 Affluent Market Tracking Study, although “The current index indicates a definite decline in spending for these items during the next 12 months,” AARC said, adding that 37 percent of affluents said they would make a conscious effort to reduce or defer expenditures during the next 12 months.
In addition, “Rolex was a clear winner as the fine watch brand for the two attributes of best quality regardless of price and most prestige,” AARC said.
AARC’s Spring 2012 Affluent Market Tracking Study is based on the responses of 372 men and women who have an average annual income of $267,000 and an average net worth of $3.1 million.
Additional highlights from the survey, including the option to buy, can be found on the AARC website here.