Jewelry industry

How the COVID-19 pandemic may have helped the jewelry industry – JCK

COVID-19 appears to have had a positive effect on jewelry sales, with 30% of consumers in a recent survey saying they bought more jewelry during the pandemic, according to a study by the supplier group The Plumb Club.

“The pendulum has definitely shifted from experiential purchases to material purchases,” says Lawrence Hess, executive director of the Plumb Club. “My personal opinion is that the industry is in a much better place than it was before the pandemic.”

The survey, titled “The Plumb Club Industry & Market Insights 2021,” also found that 49% of consumers buy as much jewelry as usual, while 21% buy less.

Because many physical stores have been closed for months, 72% of consumers said they bought jewelry online, and a surprising 39% said spending so much time at home made them buy. Following jewelry. One reason for the rise: When people worked from home and participated in virtual meetings, 41% wanted to wear jewelry that was visible on screen.

“The pandemic has accelerated the digital trend like crazy,” explains Michael O’Connor, Marketing Director of the Plumb Club. “People had no choice but to shop online.”

Yet the poll also found that, all other things being equal, nearly two-thirds of those surveyed, or 63%, prefer to buy jewelry in-store, with 25% specifically targeting independent jewelers. Only 28% preferred to buy online.

Despite this, a retailer’s website remains the number one influencer driving purchases, according to the survey, cited by 33% of those surveyed. “Family & Friends” was ranked as the second biggest influencer, chosen by 30%, and social media advertising was ranked third, with 14%.

“The big takeaway for me is that retailers need to get their website and social media in order,” says O’Connor.

The survey also found that the average price of a jewelry purchase was $ 1,207, higher than in previous years. Additionally, 57% of those polled said the availability of financing would influence their buying decision, which Hess calls one of the survey’s most surprising findings.

As for what consumers looked for in jewelry, 31% mentioned quality, 23% mentioned design and 17% mentioned uniqueness. Price came in fourth, at 16%.

“People buy quality,” says Hess. “There has been a shift in the consumer as to what something means. Dealing with mortality changes people’s psyche. Consumers were looking for meaningful articles.

As for the reason they bought jewelry, 48% of respondents said it was for a special occasion, 23% said there was “no reason needed”, 12% said it was for a special occasion. done as a personal reward, 8% bought when they saw similar items on celebrities or in magazines, and 8% bought after seeing similar items from friends.

In addition, 72% of respondents said they would be willing to pay more for a part from sustainable sources, and 26% responded that they would pay “a lot” more for such a part.

“The jewelry industry feels like a cocoon and [sustainability and social responsibility] doesn’t matter, ”Hess says. “But it matters to the consumer, and they’re willing to put the money into it. It’s not just lip service.

Some 65% of consumers said they usually wear jewelry in the home. A surprising 44% said the lockdown did not change how often they wore jewelry, with 23% telling the pollster that they actually wore it. Following. Only 33% said they wore jewelry less often.

As for what exactly consumers wore at home, 39% said they mostly wear rings. However, 62% of consumers said they bought necklaces and earrings to enhance their image online and online.

The to study was commissioned by the Plumb Club and led by Paola DeLuca, founder of Futurist, and data company Qualtrics. He interviewed 1,049 men and women, ages 25 to 60, focusing on 10 US markets. All respondents had attended college or above and had a combined family income of at least $ 75,000.

Additional reports from Rob Bates

(Photo: Getty)

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