US consumers are still planning to buy jewellery as gifts for others and for themselves, with a significant number of them intending to purchase silver jewellery amid virus-led restrictions, a new consumer research study showed.
The study was commissioned by the Silver Promotion Service (SPS) and conducted by research firm MVI Marketing.
According to the research, 64 per cent of respondents implied that they still plan to purchase jewellery that they needed or wanted during quarantine and 50 per cent of those intending to buy “just because” indicated that the jewellery bought would be silver.
Those surveyed were 511 US jewellery consumers mainly 25 to 40 years of age, with a household income above US$50,000 for singles and more than US$75,000 for couples, who have purchased fine jewellery valued over US$200 in the past two years.
Other highlights of the study, conducted from mid-June 2020, include: There’s pent-up demand for fine jewellery buying, particularly for respondents who were somewhat or very affected by Covid-19, with a significant percentage of them indicating that they plan to purchase between one and four pieces of jewellery; key characteristics when selecting silver jewellery were identified by respondents as versatility, affordability, design and elegance; and there is a high likelihood of self-purchase for silver jewellery indicated across a variety of occasions.
SPS Director Michael Barlerin commented, “The SPS was pleased by the quantification of pent-up demand for jewellery purchases and obviously by the emphasis on silver jewellery. Perhaps the survey reflected the ‘silver lining’ for US retailers as our industry moves forward during these complex times.”