This six-part series reveals the findings of the survey, including motivations for jewelry purchase, impact of the pandemic, effects of social media and online tech, style preferences, lab-grown diamonds, and category/appearance preferences. The study reached 1,049 online respondents in the United States aged 25-60, college educated with $75K+ income, with the goal of understanding how individuals engage with jewelry.
In one of the most comprehensive consumer studies ever conducted on jewelry-related topics, participants revealed the top considerations for jewelry purchases, with one-third of participants (33%) naming retailer websites as the No. 1 influence. This underscores the value of a retailer’s online presence. “Family and friends” were second highest at 30%, and social media advertising was third at 14%.
![Groundbreaking Consumer Study Identifies Primary Factors in Jewelry Purchases](https://instoremag.com/wp-content/uploads/2021/07/Plumb-Club-graph-quality-and-design.jpg)
These findings are only part of a multi-focused research study initiated by The Plumb Club, a coalition of 45 best-in-class suppliers to the jewelry and watch industry, with the help of Paola Deluca, The Futurist and Qualtrics. The study was conducted with a sampling of 1,049 men and women, from the ages of 25 – 60 with a focus on 10 “test markets” across the US. Respondents had all attended some college or higher, had a combined household income of at least $75K/year and claimed to have either purchased jewelry in the past year and/or were intending to purchase jewelry in the upcoming year.
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Other notable findings from the research, in terms of considerations for jewelry purchases, included:
- 48% of consumers were most interested in purchasing jewelry to commemorate a special occasion. 23% said “no reason needed,” while 12% said a personal reward was their prime motivator. A combined total of 52% not needing an event to purchase jewelry, highlights the growth of the self-purchase category.
- When asked to rank “jewelry purchase motivations” in level of importance, self-purchase was No. 1 at 40%, with special occasion coming in second at 31%.
- $1,207 is the average spent on a new jewelry purchase, according to the survey. This average spend is significantly higher than research done only 2 years prior (Edahn Golan 2019). 57% of those surveyed said the availability of financing would influence their decision. The availability of retail financing may account for an average higher spend.
- 51% of those surveyed said they would only spend up to $500 on average when purchasing new jewelry. Although the percentages get smaller as the price point gets higher, 26% say they would spend from $1,000 to over $5,000 on a piece of jewelry.
- When asked where they usually buy jewelry, although 28% of participants said online, the majority, 63% still prefer to purchase in store at an independent, department store or national chain. 25% single out the independent or local jeweler. The good news – traditional brick-and-mortar retail appears to have many more years of life.
- Participants were asked to rank, on a scale from 1 to 10 (with 10 being most important), how important it is to them that their jewelry is responsibly sourced, sustainable and ethical. 20% ranked this consideration a 10. The average ranking was 6.5, which seems to indicate a growing awareness among consumers for socially responsible jewelry purchasing.
- 72% said they would be willing to pay more for a piece of jewelry that was sustainably sourced. 26% said they would pay “a great deal” more.
- “Quality” (31%), “Design” (23%) and “Uniqueness” (17%) are still the most important factors for a consumer looking for jewelry. The “price” of a piece ranks below all of these factors with only 16% viewing it as the most important factor.
![Groundbreaking Consumer Study Identifies Primary Factors in Jewelry Purchases](https://instoremag.com/wp-content/uploads/2021/07/graph-2.jpg)
Additional information from this expansive research will be shared over the next number of weeks. Any retailer wishing more information on The Plumb Club Industry & Market Insights 2021 should contact a Plumb Club Member. For a full list of The Plumb Club Members visit here or email info@plumbclub.com.
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