Jewelry Report, 2006 Update: The Who, What, Where, Why and How Much of Jewelry Shopping
Unity Marketing, June 2006, Pages: 185
Jewelry is the ultimate luxury and today's jewelry shopper is driven by an experiential passion that goes far beyond the item's features and benefits - They buy jewelry based upon emotion, not reason
In 2005 American consumers spent $59.4 billion buying jewelry and watches, posting a dramatic 10.2 percent two-year growth trend. As a category in the durable goods segment, jewelry and watches outperformed the overall durable goods sector, which only rose 8 percent in the same two-year period.
Jewelry and watches were purchased by about half of U.S. consumers in the study period, with 'twenty-something' to 'fifty-something' women with higher incomes representing the core target market.
For the last several years discounter Wal-Mart has been the nation's #1 retailer of jewelry, despite the fact that the prime target market for jewelry - high-income women from 25 to 54 years - are the least likely of all consumers to shop for jewelry in discount channels.
How are jewelry marketers and retailers to understand this dichotomy in the marketplace - that the nation's top discount sold more of the ultimate luxury good than any other store and that lower-income shoppers who spend under $100 on each item of jewelry bought have propelled Wal-Mart to their #1 position?
New Consumer Insights about Jewelry Shoppers, What They Buy and Where They Shop
We have completed a new study of the jewelry consumer market based upon in-depth qualitative focus group research and a quantitative research study of jewelry buyers shopping preferences, behaviors and attitudes. This research study includes research data and statistics about:
- Jewelry Market Size and Growth: What is the size of the jewelry market and how rapidly is it growing? How is the jewelry and watch market segmented by the type of jewelry product and material of composition?
- Demographics of the Jewelry Market: What kinds of households buy jewelry and how do different demographic characteristics impact and influence jewelry buying behavior, (e.g.: HHI, size, composition, ethnicity/race, education, etc.); what are the different demographic segments within the jewelry market? How similar or different are households/consumers who purchase jewelry for personal use and for gifting.
- Jewelry Buying Behavior: What are the primary characteristics of the consumers' buying behavior related to jewelry and why they buy, e.g. for self or for gift? Where do they shop for jewelry; how do they decide to purchase one piece vs. another; how do they set a budget for jewelry buying; what is the role of brand in jewelry buying behavior; how much do they purchase and how much do they spend on key categories of jewelry. How do men and women differ in their jewelry shopping and buying behavior?
- Psychographic Profile and Segmentation of the Jewelry Market: The psychographic profile of jewelry consumers will reveal their different drives and motivations in purchasing jewelry; what factors are more or less important in driving jewelry purchasing decisions; how can jewelry marketers and retailers better understand the hearts and minds of their consumers. In essence, we will discover "why people buy jewelry."
Specific Jewelry and Watch Data Included
This study examines both the fine and costume jewelry market segments, as well as the preferences and behaviors of gift buyers and jewelry self-purchasers. It provides details about jewelry choices and spending in four major categories of jewelry:
- Fine women's jewelry and watches
- Fine men's jewelry and watches
- Women's costume jewelry and watches
- Men's costume jewelry and watches
For the fine jewelry category, detail data is also included about metal of composition, such as fine gold, platinum, sterling silver; and gemstones, such as diamonds, precious gemstones, such as rubies, emeralds, etc., pearls, and semi-precious stones, such as amethyst, topaz, etc.
It explores what type of jewelry is bought within each category, such as necklaces, earring, bracelet, brooches and pins and how much shoppers spend on specific items of jewelry. Through the level of purchase detailed analyzed, marketers and retailers can discover the typical pricing parameters for each type of jewelry based upon what the typical jewelry buyer spends.
Jewelry Shoppers and Their Shopping Preferences Are Also Examined
Details about different types of jewelry shoppers are included, with special emphasis on the differing motivations and buying behavior of men and women, as well as gift buyers as compared with self-purchasers.
The study is of great value to jewelry retailers, both those that already compete in the category and those that want to grow their share of the market. It reveals the stores where jewelry consumers prefer to shop, including the top ten jewelry retailers led by Wal-Mart, as well as the nation's leading jewelry retailers in these categories:
- Department stores
- Discount stores
- Chain jewelry stores
- Fashion clothing stores
- Non-stores, including mail order, television and internet
The report reveals why shoppers choose the stores that they do to shop for jewelry. It explores many strategies for retailers to capture greater share of the jewelry shoppers' wallet.
This important new research study is an investment in the future of jewelry marketers and retailers. It provides data and insight so that jewelry marketers and retailers can maximize their opportunities in the jewelry market today, as well as to plan for their future.
Special Features in Jewelry Report, 2006 Update
Included in this report are:
- Profile of the affluent, luxury consumer market for jewelry and watches, including luxury jewelry and watch brand awareness and usage.
- 12 research-based Business Building Tactics to help jewelry marketers and retailers grow a more vibrant business.
- 7 major Marketing Opportunities that will mean greater success for jewelry companies and retailers that develop strategies to take advantage of these emerging opportunities.
METHODOLOGY
A research methodology combining both qualitative focus groups and quantitative surveys was designed to meet the defined research objectives. This report summarizes results of the quantitative jewelry consumer research survey, as well as the focus groups, plus new information collected during our Luxury Tracking study conducted throughout 2005.
FOCUS GROUP RESEARCH
A total of four focus groups were held, two groups outside Chicago, IL (Schaumberg, IL) and New York City (Fort Lee, NJ). The focus groups were conducted in May 2004. In each city, one group was recruited among fine jewelry gift buyers and one group among fine jewelry selfpurchasers. While it was expected that these groups would largely be divided by gender (e.g. men would make up the gift buyer groups and women the self-purchasers) the gender composition of each group was mixed. In fact, the NYC self purchasers group had more male participants than female.
This segmentation strategy enabled the research to investigate key differences in fine jewelry buying needs between men, primarily gift consumers buying for women, and women, primarily making self and/or gift purchases.
Respondents were prescreened to identify target respondents. The focus group respondents were between the ages of 25-to-64, with household income of $35,000 or more. All were recent fine jewelry purchasers, having spent $150 or more on the last piece of fine jewelry bought and at least $250 buying fine jewelry over the past 12 months.
QUANTITATIVE JEWELRY CONSUMER SURVEY
Based upon hypotheses and preliminary findings in the focus groups, we designed a research questionnaire suitable to field across a nationwide representative sample of about 600 jewelry and watch consumers. A total of 581 recent jewelry and watch consumers were included in the survey sample. The survey was conducted during September 2004 among a representative panel of U.S. consumers using an electronic internet-based survey platform. A copy of the survey questionnaire is included in the appendix of this report.
Survey respondents were screened for their purchase of any fine jewelry or costume jewelry in the past 12 months, from September 2003 to August 2004, including fine or costume watches. Only individuals who personally made jewelry purchases were included in the survey. Not unexpectedly the survey sample skewed female with two-thirds of the sample (66 percent) being women and one-third (34 percent) men. The sample was also composed of more self-purchasers (57 percent made most recent jewelry purchase for themselves) than gift-purchases (43 percent made most recent jewelry purchase as a gift). It is also no surprise that the majority of selfpurchasers (82 percent) are women, while the majority of gift purchasers (56 percent) are men.
Total industry sales data for the jewelry and watch market was obtained from the Bureau of Economic Analysis’ Personal Consumption Survey (NIPA files 2.4.5U) and was used to update industry sales figures in Chapter 2 of this report.. Total industry sales grew only 3.9 percent from 2005 to 2004. Given this fairly low level of industry growth, another comprehensive nationwide survey of jewelry consumers was not conducted for the 2006 update, but is planned for the 2007 sales year.
New consumer survey data on jewelry and watch purchases was collected in our Luxury Tracking Study, conducted quarterly among luxury consumers and reported in Chapter 7 of this report. For the Luxury Tracking Study, four surveys of luxury consumers, ranging from 600 to 700 luxury consumers for 1Q2005 to 1,100 to 1,300 luxury consumers for 2Q through 4Q2005, were conducted quarterly through 2005 with the results published in the Luxury Tracking Report. The quarterly luxury tracking surveys were conducted online using a panel of high income respondents ($75,000 and above household incomes) which roughly equates with the top 25 percent of U.S. households based upon income.
The average income of the 2005 Luxury Tracking sample was $139,075, approximately 2.3 percent higher than the average income of $136,000 in the 2004 sample. In 2005 the percentage of the sample representing near-affluents ($75,000-$99,999) was 25 percent; affluents ($100,000-$149,999), 45 percent; and super-affluents ($150,000+), 30 percent. This represents a fairly even distribution across all affluent income levels.
In 2005 women represented 65 percent of the total luxury survey sample, as compared with 35 percent being men. This gender distribution is roughly the same as found in 2004. The 2003 sample, however, was more evenly split by gender, with 51 percent female and 49 percent male. The average age of the survey respondents in 2005 was 42.9 years, virtually the same as the average age in the 2004 sample (43 years). Members of the baby boomer generation represented the largest share of respondents in 2005, or 47 percent, which is about the same as the 49 percent of boomers in the 2004 sample. GenXers represented 38 percent of the sample, up slightly from the 35 percent in 2004.
CHAPTER 1: INTRODUCTION
RESEARCH OBJECTIVES
METHODOLOGY
FOCUS GROUP RESEARCH
QUANTITATIVE JEWELRY CONSUMER SURVEY
2006 JEWELRY UPDATE
CHAPTER 2: ABOUT JEWELRY INDUSTRY SALES & GROWTH
JEWELRY MARKET SLOWED IN 2005 AFTER GROWING RAPIDLY IN 2003 & 2004
Figure 1: Jewelry and Watch Industry Sales, 1997-Proj. 2010
FINE AND COSTUME JEWELRY SALES ON THE RISE
WOMEN’S FINE JEWELRY ACCOUNTS FOR ABOUT THREE-FOURTHS OF TOTAL INDUSTRY
COSTUME JEWELRY IS LESS THAN 15 PECENT OF TOTAL MARKET
RINGS, FOLLOWED BY BRIDAL, WERE TOP CATEGORIES IN WOMEN’S FINE JEWELRY
Figure 2: Women's Fine Jewelry Sales by Item, 2003-2005
WATCHES CAPTURED LARGEST SHARE OF MEN’S FINE JEWELRY MARKET
Figure 3: Men's Fine Jewelry Sales by type of Item, 2003-2005
WATCHES AND OTHER (PINS, CHARMS, ETC.) ARE TOP CATEGORIES IN WOMEN’S COSTUME JEWELRY
Figure 4: Women's Costume Jewelry Sales by Item, 2003-2005
WATCHES CAPTURE GROWING SHARE OF JEWELRY MARKET
Figure 5: Watch Sales, 2003-2005
GOLD JEWELRY WAS MOST POPULAR IN WOMEN’S FINE
Figure 6: Women's Fine Jewelry Sales by Metal, 2003-2005
GOLD IS TOPS IN MEN’S FINE JEWELRY TOO
Figure 7: Men's Fine Jewelry Sales by Metal, 2003-2005
DIAMONDS ARE A ‘GIRL’S BEST FRIEND’
Figure 8: Women's Fine Jewelry Sales by Gemstone, 2003-2005
MOST MEN’S JEWELRY BOUGHT CONTAINS NO GEMSTONES
Figure 9: Fine Men's Jewelry Sales by Gemstore, 2003-2005
JEWELRY STORES LOSING SHARE AS OTHER RETAILING CHANNELS GROW
Figure 10: Jewelry Sales by Channels of Distribution, 2003-2005
PROJECTIONS OF JEWELRY SALES INTO THE FUTURE
CHAPTER 3: ABOUT JEWELRY CONSUMERS AND THEIR PURCHASES
ABOUT HALF OF U.S. CONSUMERS PURCHASED JEWELRY5
Figure 11: Jewelry Purchase Incidence
DEMOGRAPHICS OF JEWELRY AND WATCH CONSUMERS -
‘TWENTY-SOMETHING’ TO ‘FIFTY-SOMETHING’ WOMEN WITH HIGHER INCOMES
Figure 12: Demographics of Jewelry Consumer
PURCHASE INCIDENCE OF COSTUME JEWELRY ROSE IN 2004, WHILE FINE JEWELRY
DROPPED JUST SLIGHTLY
Figure 13: Type of Jewelry Purchased
DEMOGRAPHIC DISTINCTIVES IN TYPE OF JEWELRY BOUGHT
FINE WOMEN’S JEWELRY
FINE MEN’S JEWELRY
COSTUME WOMEN’S JEWELRY
COSTUME MEN’S JEWELRY
MEN MOSTLY BUY JEWELRY AS A GIFT; WOMEN MOSTLY BUY JEWELRY FOR
THEMSELVES
Figure 14: Percentage of Jewelry Bought as Gift
PRICE MUST BE RIGHT FOR A GIFT
MEN TEND TO SPEND MORE ON A GIFT THAN THE FEMALE RECIPIENT THINKS IS APPROPRIATE
WOMEN NEED TO ACCOMPANY MEN TO SELECT GIFT
OCCASION OF GIFT IMPACTS SELECTION
JOY OF GIFTING IS SEEING HOW MUCH THE ITEM IS APPRECIATED
SOME STORES ARE RIGHT FOR A GIFT, WHILE OTHERS ARE NOT
SELECTING THE RIGHT GIFT ITEM CAN BE A CHALLENGE
SIZING IS AN ISSUE IN BUYING JEWELRY AS A GIFT
THINKING ABOUT THE NEXT GIFT
MATCHING PIECES APPRECIATED
WOMEN BUY MORE PIECES OF JEWELRY PER YEAR THAN MEN
Figure 15: Average Number of Jewelry Items Purchased
JEWELRY-BUYING MEN SPEND MORE BUYING JEWELRY IN PAST YEAR THAN WOMEN
Figure 16: Average Amount Spent Buying Jewelry by Type
MALE PURCHASERS HAVE SLIGHTLY GREATER JEWELRY MARKET POTENTIAL
CHAPTER 4: ABOUT MOST RECENT JEWELRY PURCHASE
MAJORITY MADE MOST RECENT JEWELRY PURCHASE FOR SELF
Figure 17: Percentage of Most Recent Purchases Made as Gift or For Self
TYPICAL JEWELRY PURCHASE IS FOR ONE-TO-TWO ITEMS
Figure 18: Number of Jewelry Pieces Bought Most Recently
SINGLE ITEM PURCHASERS AND MULTI-ITEM PURCHASERS EXHIBIT SAME BUYING PATTERNS EXCEPT ONE
MULTI-ITEM BUYERS SPEND MORE
Figure 19: Total Jewelry Spending by Single-Piece Buyers vs. Multi-Piece Buyers
WOMEN’S JEWELRY IS MOST LIKELY RECENT PURCHASE
NECKLACES, RINGS AND EARRINGS TOP THE LIST OF MOST RECENT WOMEN’S FINE
JEWELRY ITEM PURCHASED
TYPE OF WOMEN’S FINE JEWELRY BOUGHT
Figure 21: Women's Fine Jewelry Most Recently Bought by Type of Item
FINE GOLD IS TOP CHOICE OF METALS IN FINE WOMEN’S JEWELRY
Figure 22: Women's Fine Jewelry Most Recently Bought by Type of Metal
DIAMONDS ARE A GIRL’S BEST FRIEND WHEN IT COMES TO FINE WOMEN’S JEWELRY
WATCHES ARE MOST RECENT WOMEN’S COSTUME OR FASHION JEWELRY ITEM
PURCHASED
Figure 24: Women’s Costume Jewelry Most Recently Bought by Type of Item
NEARLY HALF OF RECENT MEN’S FINE JEWELRY PURCHASERS BOUGHT A WATCH
TYPE OF MEN’S FINE JEWELRY BOUGHT
Figure 25: Men's Fine Jewelry Most Recently Bought by Type of Item
FINE GOLD IS FAVORED METAL OF COMPOSITION FOR FINE MEN’S JEWELRY
MOST MEN’S JEWELRY CONTAINS NO GEMSTONES
Figure 27: Men's Fine Jewelry Most Recently Bought by Type of Gemstone
MOST RECENT MEN’S COSTUME OR FASHION JEWELRY ITEM PURCHASED WAS A WATCHE
THE TYPICAL BUYER SPENT JUST OVER $500 ON LAST JEWELRY ITEM BOUGHT
Figure 28: Spending on Most Recent Jewelry Purchase
MOST RESPONDENTS BOUGHT LAST JEWELRY ITEM ON SALE — FINE JEWELRY IS MORE
LIKELY TO BE DISCOUNTED THAN COSTUME
Figure 29: Type of Jewelry Bought Most Recently on Sale or Discounted
SYTLE AND DESIGN AND BUYING FOR A SPECIAL OCCASION MOTIVATES MOST RECENT
PIECE OF JEWELRY
Figure 30: Reasons Why Made Most Recent Jewelry Purchase
GIFTERS BUY FOR SPECIAL OCCASIONS; SELF-PURCHASERS FOR STYLE
ABOUT WHAT SHOPPERS LOOK FOR IN BUYING JEWELRY PIECE
CLASP THAT WILL HOLD AND IS SECURE
GOLD CONTENT
TRUE COLOR IN GEMSTONES
NOT MAN-MADE STONES
PREFERRED METAL
DEPENDS ON THE OCCASION
AFFORDABLE PRICE
PLACE OF ORIGIN AND/OR CONFLICT DIAMONDS OF NO IMPORTANCE
BRANDING AND DESIGNER NOT PARTICULARLY IMPORTANT
DESIGN, PRESENTATION AND SETTING
DISTINCTIVE AND UNUSUAL DESIGN
HIGH QUALITY
SIZE OF PIECE
INCONSISTENCY OF MASS-MARKET JEWELRY
HERITAGE VALUE
PERSONAL TASTE IS KEY
MOST BUYERS WERE VERY SATISFIED WITH MOST RECENT PURCHASE
Figure 31: How Satisfied with Most Recent Jewelry Purchase
JEWELRY PURCHASES MORE LIKELY TO BE IMPULSE DRIVE
Figure 32: Percentage of Shoppers that Shopped Around to Compare Prices
BUYING DIAMONDS TAKES MORE CARE AND REQUIRES MORE COMPARISON SHOPPING
DEPARTMENT STORES TAKE THE LEAD IN WHERE THEY MOST RECENTLY SHOPPED FOR JEWELRY
Figure 33: Where Most Recent Jewelry Item Bought
ABOUT SHOPPING FOR JEWELR
JEWELRY SHOPPING IS SPECIAL AND PERSONAL
GET A GOOD PRICE
TRUST IS KEY
SPECIAL, UNIQUE SHOPPING EXPERIENCE
TOGETHERNESS MAKES IT SPECIAL
SALES ARE A MOTIVATOR FOR SHOPPING FOR JEWELRY
SOME STORES MARK UP JEWELRY JUST TO MARK IT DOWN
SELF-PURCHASE DONE ON IMPULSE; GIFT BUYING IS PURPOSEFUL
INDEPENDENT APPRAISALS ARE IMPORTANT FOR HIGHER PRICED JEWELRY
CUSTOMIZING JEWELRY IS NEW SPECIALTY
SHOPPERS WANT MORE SPECIAL SERVICES AND WIDER SELECTION OF ITEMS
IN STORE LIGHTING CAN BE DECEPTIVE
SHOPPERS NEED KNOWLEDGEABLE SALESPEOPLE TO PROVIDE GUIDANCE
SHOPPERS WANT SPECIALIZED SERVICE
SUPERIOR SALES SERVICE WILL PAY BACK IN REPEAT BUSINESS, MORE WORD OF MOUTH
SALES PEOPLE CAN BE A TURNOFF WHEN SHOPPING FOR JEWELRY
SHOPPERS WANT TO SHOP IN A STORE THAT HAS THE RIGHT PRICE SELECTION
GETTING A GOOD PRICE IS TOP INFLUENCER ON PLACE TO SHOP
Figure 35: Why Shopped for Jewelry Most Recently in This Particular Store
ABOUT SELECTING A STORE TO BUY JEWELRY
TRUST IN THE STORE
CLOSE TO HOME & CONVENIENT
A STORE THAT WILL STAND BEHIND THE PURCHASE.
STORE WITH APPEALING DISPLAYS AND ATTRACTIVE PRODUCTS
CHAIN STORES CAN SOMETIMES GET MERCHANDISE FROM OTHER STORES
ATTRACTIVE SALES MAKE FOR A GOOD JEWELRY STORE
WHILE SATISFIED WITH SHOPPING EXPERIENCE, JEWELRY SHOPPERS WERE LESS
SATISFIED WITH SHOPPING THAN WITH THE ITEM THEY BOUGHT
Figure 36: Level of Satisfaction with Most Recent Shopping Experience.
WHAT SHOPPERS SAY ABOUT THEIR MOST RECENT JEWELRY SHOPPING EXPERIENCE
TRUST IS KEY WHEN CHOOSING A JEWELRY STORE
SHOPPING AROUND TO FIND THE BEST ITEM AT BEST PRICE IS COMMON
BEING ABLE TO EASILY RETURN A JEWELRY PIECE IS CRITICAL TO CONFIDENCE IN JEWELER
INTERNET IS FAVORITE WAY TO COMPARISON SHOP AND RESEARCH NEW PURCHASES
JEWELRY CUSTOMERS HESITANT TO BUY OFF INTERNET OR TELEVISION SHOPPING BECAUSE THEY CAN’T SEE AND TOUCH
TELEVISION SHOPPING HAS ITS APPEALS TO SOME JEWELRY BUYERS
SELF-PURCHASE OF JEWELRY IS A SPECIAL GIFT TO REWARD ONESELF
JEWELRY WAS BOUGHT IN MEMORY OF ONE WHO HAD PASSED AWAY
SHOPPER BUYS JEWELRY FOR TWO DIFFERENT JEWELRY WARDROBES: ONE FOR WORK AND ONE FOR PLAY
WHILE SOME SHOPPERS LIKE THE VARIETY AND ABILITY TO HAGGLE AT JEWELRY EXCHANGE, OTHERS ARE TURNED OFF
SOME JEWELERS GIVE SPECIAL SERVICES, INCLUDING ORDERING SPECIAL PIECES OR MAKING CUSTOM PIECES.
TRAVEL MOTIVATES JEWELRY SHOPPING WITH DUTY-FREE SHOPS AND GOOD PRICES
JEWELRY IS FREQUENT IMPULSE PURCHASE WITH SHOPPER ATTRACTED BY SPECIAL SALE PRICES
CHAPTER 5: ABOUT PRICING OF JEWELRY
THE FRUGAL JEWELRY SHOPPER
PRICE IS IMPORTANT IN JEWELRY SELECTION, BUT PRICE/VALUE RELATIONSHIP IS MORE SO
THE PRICE ONE EXPECTS TO PAY IMPACTS THE STORE WHEN CONSUMER CHOOSES TO SHOP
GETTING A BARGAIN IS HOW CONSUMERS MEASURE THEIR WINNINGS IN THE SHOPPING GAME
CONSUMERS WANT A FAIR PRICE, NOT NECESSARILY THE LOWEST PRICE
WHAT SHOPPERS PAY FOR JEWELRY PROVIDES PARAMETERS FOR PRICING JEWELRY RIGHT
BRIDAL JEWELRY IS MOST EXPENSIVE IN WOMEN’S FINE JEWELRY
Figure 37: Pricing Parameters: Women's Fine Jewelry
MEN SPENT MORE ON LAST RING PURCHASED
Figure 38: Pricing Parameters Men's Fine Jewelry
NARROWER PRICE RANGES CHARACTERIZES WOMEN’S COSTUME JEWELRY
Figure 39: Pricing Parameters Women's Costume Jewelry
AVERAGE PRICE FOR MEN’S COSTUME WATCH WAS $143
CHAPTER 6: ABOUT WHERE PEOPLE SHOP FOR JEWELRY
WHERE JEWELRY CONSUMERS SHOPPED FOR JEWELRY IN PAST YEAR
Figure 40: Where People Shopped for Jewelry in Past Year
DEMOGRAPHIC DISTINCTIVES IN SHOPPING PATTERNS
SPECIFIC STORES WHERE JEWELRY SHOPPERS FREQUENTED
Figure 41: Top Ten Stores for Jewelry Shopping
CHAIN JEWELRY STORES
Figure 42: Chain Jewelry Stores Shopped at in Past Year
WOMEN AND MEN HAVE DIFFERENT FEELINGS ABOUT JEWELRY STORES
JEWELRY STORES TEND TO CATER TO THE MALE SHOPPER MORE THAN FEMALE
FORTUNOFF'S IS NOTED AS STORE THAT DOES AN OUTSTANDING JOB SERVING BOTH MALE AND FEMALE JEWELRY
SHOPPERS
DEPARTMENT STORES
Figure 43: Department Stores Shopped at in Past Year
SOMETIMES DEPARTMENT STORES ARE NOT THE RIGHT STORE FOR JEWELRY
SOME DEPARTMENT STORES HAVE FINE JEWELRY COUNTERS STAFFED BY TRAINED JEWELRY PEOPLE
SOME DEPARTMENT STORES HAVE TOO MUCH SIMILAR, UNINVENTIVE PRODUCT
DEPARTMENT STORES NOT APPROPRIATE FOR MORE EXPENSIVE PURCHASES
DIFFERENCES BETWEEN DEPARTMENT STORE SELECTIONS AND DISCOUNT DEPARTMENT STORE SELECTIONS
FASHION & CLOTHING STORES
Figure 44: Fashion Stores Shopped at in Past Year
DISCOUNT STORES
Figure 45: Discount Stores Shopped at in Past Year
TELEVISION, MAIL ORDER AND INTERNET SOURCES
Figure 46: Non-Store Retailers Shopped at in Past Year.
FEW HAVE EVER BOUGHT FINE JEWELRY ONLINE, WHILE MORE HAVE BROWSED FOR JEWELRY INFORMATION ONLINE
PERSONAL TOUCH IS MISSING ONLINE
FACTORS INFLUENCING CHOICE OF STORE TO SHOP FOR JEWELRY
Figure 47: Factors Influencing Where to Shop for Jewelry
TRUST IN A STORE BUILDS LOYALTY
WHAT IS MISSING FROM THE JEWELRY SHOPPING EXPERIENCE?
MARKETING PROFILES OF THE TOP TEN JEWELRY RETAIL OUTLETS
WAL-MART IS NATION’S NUMBER ONE JEWELRY RETAILER
JC PENNEY’S
TARGET
EBAY
SEARS
KMART
ZALES AND ZALE CORPORATION
KAY JEWELERS
KOHL’S
CHAPTER 7: ABOUT THE LUXURY SEGMENT OF THE JEWELRY AND WATCH MARKET
JEWELRY AND WATCHES WERE STRONG PERSONAL LUXURY PERFORMERS IN 2005
Figure 48: Personal Luxuries Purchase Incidence, 2002-2005
TOTAL SPENDING ON LUXURY JEWELRY AVERAGED $10,825 BUT IT DECLINED FROM 2004
Figure 49: Personal luxury and automobile spending, 2005-2004
Figure 50: Luxury Consumer Spending on Jewelry & Watches by Demographic Segments, 2004 & 2005
TYPE OF JEWELRY BOUGHT
Figure 51: Type of Women’s Luxury Jewelry Bought
Figure 52: Type of Men's Luxury Jewelry Bought
MATERIAL OF COMPOSITION OF JEWELRY BOUGHT
Figure 53: Material of composition of women’s luxury jewelry bought
Figure 54: Material of composition of men’s luxury jewelry bought
TYPES OF WATCHES BOUGHT
Figure 55: Type of luxury watches bought
WHERE PEOPLE BOUGHT LUXURY JEWELRY
Figure 56: Where People Bought Luxury Jewelry
Figure 57: Where People Bought Luxury Watches
TOP JEWELRY BRANDS
Figure 58: Leading luxury jewelry brands, brand awareness and brand usage
TOP WATCH BRANDS
Figure 59: Leading watch brands, brand awareness and brand usage
MOST LUXURY JEWELRY IS BOUGHT ON SALE
MOST OWN AT LEAST ONE LUXURY WATCH
Figure 60: Luxury Watch Ownership
LUXURY JEWELRY PURCHASE MOTIVATION
CHAPTER 8: ABOUT TRENDS & ATTITUDES IN JEWELRY SHOPPING
MOST JEWELRY SHOPPERS EXPECT TO SPEND THE SAME NEXT YEAR
Figure 61: Spending Trends Next Year
ATTITUDES ABOUT SHOPPING FOR JEWELRY
Figure 62: Attitudes about Jewelry
CHAPTER 9: ABOUT DIFFERENT PERSONALITY TYPES IN TODAY’S JEWELRY MARKET
SEGMENT’S ATTITUDES ABOUT JEWELRY
Figure 63: Attitudes about Jewelry by Personalities.
JEWELRY MARKET IS COMPOSED OF THREE DIFFERENT TYPES OF WOMEN SHOPPERS
FASHIONISTA FRANCES FAVORS FASHION JEWELRY BUT HAS MISCONCEPTIONS ABOUT FINE JEWELRY
CONNOISEUR CATHERINE WANTS ONLY THE BEST AND SHE CAN PAY FOR IT.156
DIME-STORE DEBBIE BUYS ONLY WHAT SHE HAS TO AND LOOKS FOR THE BEST DEAL
FIELD GUIDE TO FEMALE JEWELRY BUYING SEGMENTS
MEN ARE SEGMENTED BY THEIR PRIMARY JEWELRY PURCHASE MOTIVATION: GIFTING OR SELF-PURCHASE
THE WOMEN IN GENEROUS GEORGE’S LIFE GET LOTS OF JEWELRY
PERSONAL INDULGER PETE BUYS MORE JEWELRY AS GIFTS, BUT HE ALSO WANTS SOME ‘BLING’ FOR HIMSELF
FIELD GUIDE TO MALE JEWELRY BUYING SEGMENTS
CHAPTER 10: ABOUT MAXIMIZING SALES TO THE JEWELRY MARKET
REVIEW OF KEY BUSINESS BUILDING TACTICS TO INCREASE SALES IN THE JEWELRY
MARKET
NEXT STEPS FOR JEWELRY MARKETERS TO INCREASE SALES AND BUILD MARKET
SHARE
MARKETING OPPORTUNITY #1: INCREASING GIFTING AMONG BOTH MEN AND WOMEN GIFT-GIVERS AS WAY TO INCREASE REVENUES AND BUILD LOYALTY
Figure 64: Gifters Spending on Jewelry
MARKETING OPPORTUNITY #2: INTERNET IS A GROWING OUTLET FOR JEWELRY; MARKETERS AND RETAILERS NEED TO COMMIT TO IT AS A CHANNEL FOR THE FUTURE
INTERNET IS RIGHT AT THE TOP OF PLACES WHERE LUXURY CONSUMERS SHOP FOR JEWELRY, ALONG WITH OTHER THINGS
Figure 65: Internet Users March 2003-March 2004
MARKETING OPPORTUNITY #3: PRICING IS A POWERFUL PSYCHOLOGICAL TOOL TO GET PEOPLE TO SHOP AND BUY MARKETING OPPORTUNITY #4: THERE ISN’T JUST ONE JEWELRY MARKET — MEN AND WOMEN REPRESENT TWO DISTINCT MARKETS DRIVEN BY TOTALLY DIFFERENT NEEDS AND DESIRES
MARKETING OPPORTUNITY #5: GIVE THE JEWELRY CUSTOMER AN EXIT RAMP OFF THE ‘MASS TRACK’
MARKETING OPPORTUNITY #6: JEWELRY SHOPPING IS A SPECIAL, HIGHLY PERSONAL EXPERIENCE
MARKETING OPPORTUNITY #7: BRANDING OF JEWELRY IS WIDE-OPEN OPPORTUNITY, BOTH FOR RETAILERS AND MARKETERS
Figure 66: Luxury Brand Loyality Index
APPENDIX A: JEWELRY BUYERS SURVEY QUESTIONNAIRE
JEWELRY BUYERS SURVEY QUESTIONNAIRE
- WAL-MART
- JC PENNEY’S
- TARGET
- EBAY
- SEARS
- KMART
- ZALES AND ZALE CORPORATION
- KAY JEWELERS
- KOHL’S
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