AUSTIN, Texas--(BUSINESS WIRE)--The Self-Purchasing Female Fine Jewelry market is growing strong according to a consumer research study conducted by MVI Marketing Ltd. (MVI) in May 2017. However traditional specialty fine jewelry retailers are underserving this consumer segment by lagging in product assortment, younger female staffing and welcoming store environments.
“In response to the question How does wearing fine jewelry make you feel? the top four responses were Special, Happy, Attractive and Loved, re-affirming a fundamental emotional synergy between fine jewelry and the female wearer,” stated Liz Chatelain, President of MVI.
As for future purchases over 91% of the respondents to this study would like to purchase more based on the way it makes them feel.
But they are unlikely to be doing their shopping in specialty fine jewelry retailers, preferring department stores, e-commerce websites and retailers that offer clicks to bricks and omni-channel options.
So why are specialty fine jewelry retailers lagging the demand of this growing consumer segment?
“Our open-ended response to this study repeat a familiar message about Self-Purchasing Females and where they will shop for fine jewelry,” continued Chatelain. “They don’t see many women, particularly younger women working in traditional fine jewelry stores. They don’t see much variety of product (it all looks the same). They don’t see much to accessorize with (color) and the store environments are not very warm and experiential. If anything, they are foreboding and intimidating.”
Why don’t you like shopping in traditional fine jewelry stores?
(Top Open Ended Responses)
Too many men
Don’t want to get ripped off
Can’t try on anything comfortably
No style no fashion
Every store looks the same
They’re not talking to me
It’s all so white I need color to accessorize
And that’s too bad for the traditional fine jewelry retailer because it turns out for shopping motivation, this consumer segment doesn’t need much of a push to open their wallets. Nearly 60% said they were prompted to make their last fine jewelry purchase just because.
MVI conducted this research with 1,056 USA female consumers who have purchased fine jewelry within the past 12 months. The study deployment dates were 1-5 May 2017.
The full report is available at MVIMarketing.com.