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Here’s How Much Americans Will Spend On Valentine’s Day Jewelry This Year

It’s expected to be a record year for spending.

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WASHINGTON – Americans are expected to spend a record amount on Valentine’s Day this year despite a years-long decrease in the percentage of people celebrating the holiday, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.

Those celebrating plan to spend $3.9 billion on jewelry (given by 18 percent), $3.5 billion on an evening out (34 percent), $2.1 billion on clothing (18 percent), $1.9 billion on flowers (35 percent), $1.8 billion on candy (52 percent), $1.3 billion on gift cards (15 percent) and $933 million on greeting cards (44 percent).

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Video: The Right Way to Make Add-On Jewelry Sales

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Jimmy Degroot

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Video: How to Get People to Buy Jewelry From You Now Instead of ‘Someday’
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“The vast majority of Valentine’s Day dollars are still spent on significant others, but there’s a big increase this year in consumers spreading the love to children, parents, friends and coworkers,” said NRF President and CEO Matthew Shay. “Those who are participating are spending more than ever and that could be the result of the strong economy. With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy.”

Those surveyed said they would spend an average $161.96. That’s up 13 percent from last year’s $143.56 and easily tops the previous record of $146.84 set in 2016. Total spending is expected to be $20.7 billion, which is an increase of 6 percent over last year’s $19.6 billion and breaks the previous record of $19.7 billion, also set in 2016.

The spending increases come even though only 51 percent of Americans plan to celebrate the holiday, down from 55 percent last year and a high of 63 percent in 2007. It is unclear why the number of consumers celebrating has trended downward over the past 12 years, but spending, while varying with the economy, has generally trended up. The lowest spending during the period was $102.50 in 2009 during the Great Recession.

Of the $18.40 increase in average spending, only $4.26 comes from spending on spouses and significant others, which is expected to total $93.24. Consumers said they would spend $29.87 on other family members, up $4.58; $9.78 on friends, up $2.59; $8.63 on children’s classmates or teachers, up $1.37; $7.78 on co-workers, up $2.99; $6.94 on pets, up $1.44 and $5.72 on others, up $1.17.

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As in each year of the survey, men are the biggest spenders at $229.54, up 20 percent from last year. That’s more than double the $97.77 women said they would spend, which is down 1 percent, and is within the survey’s margin of error.

Among age groups, those 35-44 are the biggest Valentine spenders at $279.14, followed by those 25-34 at $239.07. Both groups typically have more people to buy for, including children and children’s classmates or teachers.

Gifts for pets continue to be popular, purchased by 20 percent. Pet spending is expected to total $886 million, up $519 million since NRF first asked in 2008.

Department stores are the most popular Valentine’s Day shopping destination, visited by 35 percent of shoppers, followed by discount stores (32 percent), online (27 percent), specialty stores (18 percent) florists (16 percent), small or local businesses (14 percent), jewelry stores and specialty clothing stores (each 9 percent).

Even among those who don’t plan to celebrate Valentine’s Day as such, 11 percent plan to treat themselves to gifts like clothing or jewelry and 9 percent plan to get together with other single friends or family.

“Valentine’s Day means different things for different people,” said Prosper Vice President of Strategy Phil Rist. “Whether it’s a day of romance or one of making sure their children have enough cards in their backpacks for each of their classmates, it’s an important day for those who choose to participate.”

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The survey of 7,384 adults 18 and older was conducted January 2-9 and has a margin of error of plus or minus 1.2 percentage points.

 

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The Big Survey 2019: Top Jewelry Brands Revealed

This year marks a three-peat.

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WE ASKED OUR 802 Big Survey respondents, “What are the three best performing brand-name jewelry lines that you carry?”, and these were the top 20 brands mentioned. Interestingly, Gabriel & Co. and Stuller made it a three-peat, claiming the top two spots in our rankings for the third year in a row. Allison-Kaufman moved up a spot from 4 to 3, and Simon G. was a big leaper, jumping all the way to number 5 from 20 in 2018. (Total votes included in parentheses)

2019 RANK / BRAND2018 RANKCHANGE IN RANK
1. Gabriel & Co. (64)1
2. Stuller (41)2
3. Allison-Kaufman (29)4up 1
4. Hearts On Fire (18)3down 1
5. Simon G. (15)20up 15
6 tie. Pandora (14)6
6 tie. Ostbye (14)10up 4
8 tie. John Hardy (13)9up 1
8 tie. Lashbrook (13)15up 7
10 tie. Benchmark (12)8down 2
10 tie. Frederic Duclos (12)11up 1
12 tie. Roberto Coin (11)23up 11
12 tie. Sylvie Collection (11)22up 10
12 tie. ASHI Diamonds (11)23up 11
15 tie. Berco (10)23up 8
15 tie. Tacori (10)outside top 25 
17 tie. ArtCarved (9)7down 10
17 tie. Le Vian (9)outside top 25 
17 tie. Officina Bernardi (9)outside top 25 
17 tie. SDC Creations (9)15down 2
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Jewelry Brand Opens 2 Brick-and-Mortar Stores Following $13M Investment Round

They’re located in New York.

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AUrate, a New York based direct-to-consumer fine jewelry brand, plans to use part of the $13 million that it recently raised to build a brick-and-mortar presence.

The company is opening two permanent stores in New York City, Women’s Wear Daily reports. They’ll be located in SoHo and on Madison Avenue.

They’ll “feature experiential technology that introduces consumers to the raw materials and production methods enlisted to create Aurate jewelry,” according to the report.

They were set to open Oct. 12.

AUrate announced in late June that it had completed a $13 million investment round. With the Series A funding, led by Michael Platt of BlueCrest Capital, the company said it planned to expand its online and offline operations and direct investment in technology. Additional participants included Point King Capital, Arab Angel Fund and Drake Management.

AUrate soft-launched in 2015, when co-founders Bouchra Ezzahraoui and Sophie Kahn held full-time jobs at Goldman Sachs & Marc Jacobs, respectively.

The brand was officially launched in 2017, with both online and offline stores. The co-founders went on to raise $2.6M in a seed round.

Read more at Women’s Wear Daily

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De Beers Lab-Grown Diamonds to Make Brick-and-Mortar Debut

It’s a test run that will begin this month.

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Lab-grown diamonds from De Beers-owned Lightbox will soon be available at certain Bloomingdale’s and Reeds Jewelers stores.

It’s a test run that will begin this month, Forbes reports. The effort marks Lightbox’s brick-and-mortar debut.

Lightbox pieces are lab-grown diamonds set in accessibly priced fashion jewelry. They’ve been sold since September 2018 online and in pop-up shops.

Video: The Right Way to Make Add-On Jewelry Sales
Jimmy Degroot

Video: The Right Way to Make Add-On Jewelry Sales

Video: How to Ask for Referrals Without Being Too Pushy
Jimmy Degroot

Video: How to Ask for Referrals Without Being Too Pushy

Video: How to Get People to Buy Jewelry From You Now Instead of ‘Someday’
Headlines

Video: How to Get People to Buy Jewelry From You Now Instead of ‘Someday’

The pieces will be sold at Bloomingdale’s 59th Street flagship in New York and its San Francisco location store. And they’ll be available at 30 Reeds Jewelers, primarily in the Southeast, Forbes reports.

The trial is expected to last as long as six months.

Lightbox debuted in 2018 with products priced from $200 for a quarter-carat stone to $800 for a one-carat stone. It started with pink, blue and white lab-grown diamonds in a selection of earring and necklace designs, and the company later said it was expanding the line with bracelets and stackable rings.

Bruce Cleaver, CEO of De Beers, said last year that Lightbox would “transform the lab-grown diamond sector by offering consumers a lab-grown product they have told us they want but aren’t getting: affordable fashion jewelry that may not be forever, but is perfect for right now.”

The move to brick-and-mortar is no surprise. Lightbox Managing Director Steve Coe announced at the JCK Las Vegas show in June that he expected to begin market testing the brand in retail stores this year. After the company’s $94 million plant in Gresham, OR, goes online in 2020, production will increase and the brand will be offered to a broad range of retailers by 2021. Color offerings and jewelry-design styles will likely be expanded as well.

Coe said consumer research has backed up the De Beers belief that laboratory-grown diamonds work best as fashion accessories for everyday wear, and not for significant occasions, such as engagement, for which consumers say they prefer natural diamonds.

Read more at Forbes

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