/
SURVEY
Jewelry and Watch Spending Habits
70%
They patronize independent jewelry stores: 31% of respondents say they “shop often” at their local jeweler, while those with household incomes of $200,000 or more are even more loyal to independents: 70% say they have a relationship with a jewelry retailer or salesperson they trust.
46% Brand names matter, but not as much as advice from trusted jewelry salespeople and recommendations from friends. In the study, 46% of all respondents say that buying from a trusted retailer has “a lot of impact” on their level of trust and is a good indication they are buying a quality piece of fine jewelry.
of respondents say they wear a watch
“nearly every day,” while the same is true for 66% of respondents with household incomes of $200,000 or more.
Piaget Altiplano in 18k rose gold with diamonds; $31,000
When it comes to silver, the style’s the thing: 48% of respondents say the following statement captures their perception of silver jewelry:
John Hardy Bedeg Concave Flex Cuff; price on request
“
I love what designers are doing with silver. In my opinion, it’s as interesting/appealing as gold jewelry.
”
Preciousness is not their top priority. Nearly six out of 10 respondents identify with the following statement about costume jewelry:
55%
“
“when it makes my outfit look better.” Rolex Day-Date in 18k gold; price on request
◆
52%
Here’s a twist: Watches are primarily considered for their accessorizing appeal.
of respondents say they wear a watch
168
Contrary to conventional wisdom, timepieces have not been made obsolete by the ubiquity of digital time-telling devices:
Deanna Hamro brass cuff with Swarovski crystals; $920
35%
I often mix and match costume jewelry with my fine jewelry.
”
They are willing to pay a premium for fine jewelry that is one of a kind: 35% of respondents “strongly agree” with this notion, and 45% “agree somewhat.”
Gold has their hearts (pricing be damned!): 63% identify with the statement “I love gold jewelry—it’s one of my favorite jewelry materials.” And among respondents with incomes of $200,000 or more, the number is even higher: 75% say the statement captures their perception of solid gold Katie Decker 18k gold earrings; $5,770 jewelry.
What’s more, they don’t need anyone’s approval before buying. Almost half (46%) “strongly agree” with this statement: “I am comfortable making my own purchase decisions about a piece of fine jewelry without having to consult with a significant other.” (Those from higher-income households are even less inclined to consult a partner: 57% “strongly agree” with the statement.)
51%
“strongly agree” They wear fine jewelry on special occasions—but for respondents from high-income households, fine jewelry is an anytime accessory, too. More than half (51%) “strongly agree” with the statement “I like to wear my fine jewelry for everyday occasions.”
JCK MAY 2012 jckonline.com
166-175 Feat W Survey.indd 168
4/17/12 6:42 PM
/
SURVEY
The Online Shopping Experience Annie Fensterstock 22k gold, silver, ruby, and diamond pendant; $12,605
Miguel Ases gemstone bracelet; $525
That said, e-commerce is an important channel, so don’t ignore it. The features that matter to respondents include: When it comes to shopping for luxuries online, respondents are somewhat reluctant. For example, the majority of them disagree with the following statement:
66% say it’s “very important” in making them feel comfortable about purchasing jewelry and watches online
I am comfortable buying fine jewelry/ watches online.
”
The ability to return/exchange in-store
74%
Don’t neglect online luxury shoppers!
Respondents Agree
“
There is a price limit that I would not spend above if buying fine jewelry and watches online.
”
Assuming they have given their permission, most respondents (70%) feel most comfortable being contacted by a favorite retail store/ salesperson via personal email; 44% say regular mail is the best means.
170
◆
JCK MAY 2012 jckonline.com
166-175 Feat W Survey.indd 170
67% call it “very important” Ease of customer service while purchasing
60% Respondents say they
“
wish that jewelry/watch websites provided more/better information.
”
60% say it’s “very important” Detailed information about the product like size, fit, and materials
87% call it “very important” The reputation of a site
82% consider this “very important”
KEYBOARD SHOPPING CART: ISTOCKPHOTO
“
Free return shipping
4/17/12 6:42 PM
/
SURVEY
How Luxury Makes Them Feel Luxury is about standing out, not fitting in. When asked to complete the sentence, “A luxury brand makes me feel…,” a majority of respondents identify with words like
successful, chic, confident, happy, beautiful, unique, special, and rewarded. They do not, however, tend to associate luxury with feeling “connected to my peers” or “like I fit in.”
166-175 Feat W Survey.indd 172
Don’t underestimate the power of storytelling. The study found 86% agree with the statement
For a majority of respondents, a luxury brand makes them feel
“
I enjoy hearing and telling ‘the story’ behind pieces of jewelry—e.g., why it was given/ purchased, how it was made, what makes it special, etc.
“
like I’ve earned something I deserve for my hard work.
”
Sara Weinstock opal and emerald earrings; $14,960
”
4/17/12 6:42 PM
/
SURVEY
The Economic Big Picture
The economy is still a sore spot.
82% of respondents disagree with the statement
“
I feel like we are back to a relatively stable economy.
166-175 Feat W Survey.indd 174
”
Happily, 73% of respondents “strongly agree” or “agree somewhat” with the following statement: “I feel fortunate to be among those doing well in this economy.” And when asked to categorize their own personal finance situation, 69% of respondents say “excellent” or “good.” Among those representing higher household incomes, 82% say “excellent” or “good.”
And here’s the really good news: A year from now, 66% of respondents say they expect their personal finances to be “good,” and 22% go so far as to predict they’ll be “excellent.”
But a lot of people still feel the pinch. About two-thirds (67%) of respondents agree with the following statement: “I am negatively affected by the current economic climate.” And 81% feel “troubled by the widening gap between rich and poor in the U.S.” When asked to describe the current state of the nation’s economy, 57% say “not so good,” and 33% say “poor.”
4/17/12 6:43 PM