Jewelers of America Releases 2017 Fine Jewelry Industry Consumer and Retail Market Study
Retail Jewelers Remain Critical in Jewelry Shopping Experience
NEW YORK, Dec. 14, 2017 /PRNewswire/ -- Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, released the results of its US consumer and retail research study conducted by Provoke Insights. The study reveals that the jewelry purchase funnel is different from other high-priced luxury items with the retail jeweler remaining a critical and trusted part of the purchase process.
The study – a two-prong survey polling consumers and jewelers – demonstrates that 64% of consumers who purchased jewelry visited a jewelry store to speak to a jeweler during the research process, 26% more than other luxury items. Consumers who speak to a jeweler during the research process are also more likely to buy from a local store rather than online.
"When it comes to purchasing jewelry, the results of our survey show that for consumers, seeing is believing and they still rely the on the expertise and knowledge of their jeweler," says Jewelers of America President & CEO David J. Bonaparte. "The jewelry shopping experience is different from other luxury purchases and even in the rise of e-commerce, customers increasingly prioritize the in-store shopping experience."
Following are highlights from Jewelers of America's Fine Jewelry Industry Consumer and Retail Market Study:
Consumer Insights
- Consumers say they will most likely to give gifts of gold (40%) followed by sterling (32%), colored gems and pearls (32%) in the next year.
- 50% of consumers think that fine jewelry has sentimental value and helps to mark special occasions
- 43% of consumers purchased or received jewelry as a gift in the past year.
- 34% of people plan to purchase jewelry in the next year.
- 22% have purchased jewelry for themselves.
- 57% of consumers have a piece of jewelry that was passed down to them as a family heirloom.
- Gold and sterling silver jewelry are primary self-purchase choices (56% and 40%, respectively) while gemstone and diamond jewelry are more desirable to give or receive as gifts.
Retailer Insights
- 39% of retail jewelers cite e-commerce as their biggest competition.
- Jewelry retailers are still competing with no tax offerings on e-commerce sites.
- Just 34% of retail jewelers have an ecommerce site. However, they are strengthening the in-store experience with well-trained, knowledgeable sales personnel and exemplary customer service.
Methodology
In the first phase of the research, Provoke Insights developed an open-ended online survey to garner valuable insights from 257 association members (retail jewelers and suppliers). A second online survey was conducted among 2,019 consumers, ages 22 to 59 with a household income of $50K+ to determine buying habits, attitudes and interest in fine jewelry and luxury products. Statistical differences between subgroups were tested at a 95% confidence level and are indicated by capital letters in the analysis. Margin of error is +/- 2.%.
About Jewelers of America:
Jewelers of America (JA) is the national trade association for businesses serving the fine jewelry marketplace. Jewelers of America's primary purpose is to improve consumer confidence in the jewelry industry through its leadership in public, government and industry affairs; by advocating professionalism, including high ethical, social and environmental standards; and by facilitating members' access to education. Visit www.jewelers.org for more information.
CONTACT:
Amanda Gizzi
Jewelers of America
[email protected]
(646) 658-5811
SOURCE Jewelers of America (JA)
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