CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
IndependentsJan 26, 2016
Pew: The Middle Class is ‘Losing Ground’
After more than four decades as America’s economic majority, the middle class is now equal in size to the economic tiers above and below it.
Washington--After more than four decades as America’s economic majority, the middle class is now equal in size to the economic tiers above and below it, a new analysis of government data by the Pew Research Center shows.
According to the report, published just last week, the share of American adults living in middle-income households (defined as households with an income that is two-thirds to double the national median) has fallen from 61 percent in 1971 to 50 percent today.
The share of American adults living in lower-income households, meanwhile, now stands at 29 percent, up from 25 percent in 1971, while the percentage of adults residing in upper-income households has increased from 14 to 21 percent during the same time period. This means the share of American adults in the upper tier has increased more sharply (up by 7 percent) than the share of those falling into the lower-income tier (up by 4 percent).The rising share of adults in both households, however, is coming at the farthest points of income distribution, meaning the number of Americans who are among richest of the rich and the poorest of the poor are growing the most.
Also interesting to note is that, according to Pew, the youngest American adults (ages 18 to 29, part of the much-coveted-by-marketers millennial generation) have seen their share in the lower-income tier of society rise significantly.
“Thus, the closer look at the shift out of the middle reveals that a deeper polarization is underway in the American economy,” Pew stated.
RELATED CONTENT: Middle class problems
This polarization has not gone unnoticed in the luxury world.
Back in June, Johann Rupert, the billionaire founder and chairman of luxury goods conglomerate Richemont (Cartier, Van Cleef & Arpels, et al.), told Bloomberg he was concerned about the growing global wealth gap fueling social unrest and making the wealthy hesitant to purchase luxury goods that display their wealth.
“We are destroying the middle classes at this stage and it will affect us. It’s unfair. So that’s what keeps me awake at night,” Rupert was quoted as saying.
And, when polled by National Jeweler earlier this year about the reasons independent jewelry stores continue to close, one Pennsylvania retailer noted the shrinking middle class, which “has always been the bread and butter of the independent jeweler,” among his reasons.
To view Pew’s entire analysis, which delves into
how the various demographic groups within each income strata have fared, visit PewSocialTrends.org.
More on Independents
The Latest
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Weekly QuizApr 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024The announcement came as the company reported a 23 percent drop in production in Q1.
MajorsApr 25, 2024
Detroit Lions’ QB Jared Goff Keeps Going to JaredThe three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
