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Inexpensive Jewlery High on Buy List.
Results from the Jewelry Consumer Opinion Council (JCOC) survey indicated that consumers favored staple items over expensive jewelry this holiday season. Holiday sales in 2005 appear to have fared slight better than in 2004.
Only 30 percent of respondents purchased jewelry this year. In a study conducted earlier in the holiday season, 30 percent of those interviewed said that they would purchase jewelry in the months from September to December. The JCOC concluded that most of the people who bought jewelry intended to do so before going shopping.
The JCOC study also found that most of the Christmas buying took place at large retailers and at low price points. Nearly half of JCOC panel members (46.9 percent) who purchased fine jewelry or watches this year bought from a department store, national jewelry chain store, or a mass discount store. Only 11 percent bought at independent fine jewelers.
More than half (56.7 percent) of jewelry purchasers this holiday season spent less than $200 on jewelry and watch gifts, while 33.5 percent spent below $100. Consumer preferences this holiday season included yellow gold, diamond jewelry, precious metal jewelry with no gemstones, earrings, necklaces and watches. According to the survey, 32.5 percent chose diamond jewelry for their holiday purchases.
Of the panel members, 35.4 percent spent more on fine jewelry and watch gifts compared with previous years, while 32.4 percent spent less. Among those who spent less, 30.1 percent said that jewelry was not in their budget, while 16.6 percent said they wanted to buy something different.
The JCOC also found missed opportunities for the industry. Less than 20 percent of respondents said they purchased fine jewelry for themselves this holiday. However, back in September, more than 40 percent indicated that they would make a self-purchase. The JCOC concluded that sought for products were not available for self-purchasers and that retailers need to be sure to include self-purchases in their sales efforts during the holiday.
