Design, craftsmanship and investment value are likely to influence buying decisions of jewellery consumers in a pandemic era, De Beers Group’s latest diamond insight report revealed.
The report examined how jewellery design trends for the upcoming gifting season could take cues from consumer sentiment in response to the coronavirus crisis.
De Beers partnered with London-based fashion trends consultancy, Adorn Insight, to review De Beers’ consumer research data since the start of the pandemic and overlay those with key fashion trends to forecast the prevailing themes that jewellers can expect to see for Fall/Winter 2020 and into the coming year.
Three key trends were identified – craft’s new cool factor, natural beauties and invest in the best – which highlight that the pandemic is likely to sway consumer design preferences in three key areas: Enhanced appreciation for craftsmanship and bespoke design, a greater desire for designs and materials that reference the natural world, and a preference for investing in timeless pieces.
Each of the trends is already reflected in new collections from major jewellery brands and can be expected to increase in prevalence as the industry heads into the upcoming gifting season, according to the report.
Bruce Cleaver, CEO of De Beers Group, remarked, “As we head into what will be a crucial selling season for many diamond jewellery retailers, understanding key design trends during a time of profound change and uncertainty will be important. Diamond jewellery retailers will no doubt be interested in considering how these trends can feature in their upcoming collections, marketing and merchandising.”
The pandemic also helped accelerate some trends that were already underway such as the desire for craftsmanship, authenticity and sustainability, while also generating increased consumer interest in the enduring beauty of nature and classic designs, he continued.
The report likewise includes the findings of De Beers Group’s latest consumer research study, completed in late August, which found that consumer confidence in the US was starting to recover compared with the previous month.
In the latest research wave, 65 per cent of Americans said they were now more inclined to give a significant gift to someone they loved compared with how they felt pre-pandemic, and for those in a relationship, this increased to 77 per cent. In addition, 55 per cent of consumers said they had gone out shopping or socialising in the past month for the first time since the pandemic began. There was also a significant increase in women saying they felt safe shopping for diamond jewellery in person and a decrease in those saying they felt safest shopping online.
De Beers also reported that 36 per cent of respondents were most likely to spend on diamond rings, followed by diamond pendants or necklaces at 30 per cent, and stud earrings at 22 per cent.