Connect with us

Press Releases

SPS Research Indicates Coronavirus-Related Pent-Up Demand for Jewelry

Study identifies strong purchase intention for silver jewelry.

mm

Published

on

(PRESS RELEASE) NEW YORK — Silver Promotion Service (SPS) announced the results of a U.S. consumer research study showing pent-up demand for jewelry, as well as intent to buy silver jewelry following the COVID-19 pandemic and quarantine. The study was conducted by research firm MVI Marketing. Of the jewelry consumers surveyed, 64% indicated that they still plan to purchase the jewelry gifts and self-rewards that they needed or wanted during quarantine and 50% of those intending to buy “just because” indicated that the jewelry purchased would be silver.

The study focused on U.S. jewelry consumers mainly 25-40 years of age, with HHI above $50,000 for singles and above $75,000 for couples, who have purchased fine jewelry valued over $200 in the past two years.

Highlights from the mid-June 2020 consumer survey include:

  • The study completed by 511 U.S. jewelry consumers confirmed pent-up demand for fine jewelry buying, particularly for respondents who were somewhat or very affected by COVID- 19, with a significant percentage of these consumers indicating that they plan to purchase between 1 – 4 pieces of jewelry.
  • 64% of the consumers surveyed indicated intent to purchase the jewelry that they were unable to purchase during quarantine.
  • 50% of those planning to buy fine jewelry “just because” indicated intent to purchase silver jewelry.
  • Key characteristics when selecting silver jewelry were identified by respondents as versatility, affordability, design and elegance.
  • There is a high likelihood of self-purchase for silver jewelry indicated across a variety of occasions (just because, birthday, self-love, etc.).

In commenting on the research, SPS Director Michael Barlerin said, “The Silver Promotion Service was pleased by the quantification of pent-up demand for jewelry purchases and obviously by the emphasis on silver jewelry. Perhaps the survey reflected the ‘Silver Lining’ for U.S. retailers as our industry moves forward during these complex times.”

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

When Liquidation Is the Best Option, This Legendary Jeweler Chose Wilkerson

George Koueiter & Sons Jewelers, a 65-year old jewelry institution in Grosse Pointe, MI, had always been a mainstay in this suburban Detroit community. But when owners George and Paul Koueiter were ready to retire, they made the decision to close rather than sell. “We decided our best option to do the liquidation sale was Wilkerson,” says Paul Koueiter. The results, says George Koueiter, exceeded expectations and the process was easy. “Wilkerson just kept us in mind,” says George. “They never did anything without asking and whatever they asked us to do was just spot on.”

Promoted Headlines

Most Popular