DUBLIN, Ireland--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/d391d1/the_jewelry_and_wa) has announced the addition of the "The Jewelry and Watch Report 2007: A consumer insights study of the jewelry and watch market" report to their offering.
In 2006 American consumers spent $62.2 billion buying jewelry and watches, posting a dramatic 6.5 percent increase over sales in 2005 of $58.4 billion. The luxury end of the jewelry market posted the strongest growth last year with fine watches rising 39 percent and fine jewelry up 10 percent. By contrast the fashion or costume segment in the jewelry market declined by 8 percent and sales of costume watches were off by 20 percent, according to the latest statistics on the jewelry and watch market reported by Unity Marketing in a new market research study.
The Jewelry and Market Watch Report, 2007 provides the latest statistics on the jewelry and watch market. Included in the new study are details about the sales and growth in the jewelry market by product type, material, gemstone, and channels of distribution. Also included are projections for sales through 2010.
Men's Jewelry Market Came Into Its Own in 2006 and Is No Longer An After-Thought
"2006 will be known as the year the jewelry industry finally discovered the men's market," said Pam Danziger, president of Unity Marketing and author of Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience.
"Men have traditionally been the biggest purchasers of jewelry, while women are the most important consumers of jewelry. That hasn't changed in 2006, but what is notably is how strongly the market for men's jewelry grew. Men's fine jewelry -- defined as jewelry made from precious or semi-precious stones and/or 10k or above gold, sterling silver or platinum -- is no longer a step-child in the jewelry business but makes up about 10 percent of the overall jewelry market."
Included in the new Jewelry & Watch Report, 2007 are details about what types of jewelry and watches were purchased included jewelry type (e.g. ring, necklace, bracelet, etc.); jewelry metal (e.g. gold, platinum, sterling silver, etc.); gemstone (e.g. diamonds, precious, semi-precious, pearls, etc.), for both men's and women's fine jewelry and watches.
Jewelry Stores Came Surging Back After Losing Share for Several Years
As jewelry consumers taste turned more upscale, their shopping choices also shifted. Jewelry shoppers turned first to specialty jewelry stores for their purchases, with total market share rising to 50 percent of sales. Department stores and non-store retailers such as the Internet, TV shopping and mail-order, also saw growth in sales, while shoppers spent less buying jewelry in discount department stores and specialty fashion boutiques.
"Jewelry stores made a real come back in 2006," Danziger explains. "Jewelry shoppers in their search for higher quality merchandise and more fashion-forward designs found that the service and expert advice available in jewelry stores was exactly what they needed."
She points to industry-leading Sterling Jewelers, with over 800 Kay Jewelers, 135 luxury-leaning Jared The Galleria of Jewelry stores, and 341 regional chains, as a competitor that made the most of consumers shift toward more specialty retail. "Sterling Jewelers reported 14.9 percent revenue growth in their most recent fiscal year to reach $2, 652 million in sales, which put them into the coveted first place as the nation's top jewelry store. Clearly specialty jewelry retailers like Sterling Jewelers are aggressively pursuing the jewelry consumer marketplace and are not willing to give up share to less specialized retailers such as discounters."
Included in the new Jewelry and Watch Report, 2007 are profiles of the nation's top ten jewelry retailers, as well as details about where shoppers turned for their last jewelry or watch purchase and what features about the shopping environment influenced their shopping decision.
Gemstone Jewelry Growing
More women's fine jewelry accented with diamonds and other gemstones was sold in 2006. Strong demand was noted for colored semi-precious stones, such as opals, topax, amethysts, etc., as well as for diamonds. Danziger notes that well over 90 percent of women's fine jewelry sold in 2006 had some gemstone content with diamonds being the gemstone of choice.
Details about sales of jewelry by gemstone type are reported in the Jewelry and Watch Report 2007, as well as data about the last jewelry item purchased, including amount spent, type of item, material and gem and where purchased.
Fine Watches Were Growing Category but the Future Looks Less Certain
Strong demand for fine/formal watches was reported in 2006, with sales in the watch category growing 39 percent. But this category may start to slide as many younger consumers reject watches as a 'status symbol' and turn to their cell phones as their essential time keeping accessory. For example, one-third of jewelry consumers agreed with the statement 'I generally don't wear a watch much any more, since I use my cell phone to keep time,' however 51 percent of consumers aged 18-24 years and 48 percent of those aged 25-34 years agreed with this statement.
Danziger says, "If I were a watch marketer, this attitude so prominent about young consumer would keep me up at night. It is esstential for watch marketers to position their brands as fun and functional, rather than push the status-button too strongly. Young consumers embrace a much more casual lifestyle, so the idea of a watch as a 'status symbol' just doesn't connect."
New Consumer Insights about Jewelry Shoppers, What They Buy and Where They Shop
Unity Marketing has 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
- Fine men's jewelry
- Women's costume jewelry
- Men's costume jewelry
- Fine watches, including men's and women's
- Costume watches, including men's and women's
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, 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, 2007
Included in this report are:
- Brand preferences in both jewelry brands and watch brands.
- Profile of the affluent, luxury consumer market for jewelry and watches, including the luxury jewelry and watch brands that luxury consumers favor, newly updated with data from the Luxury Report 2008.
- Powerful guidance for retailers and marketers in pricing of different jewelry items, based upon research findings of what the majority of consumers are paying today when they make their purchases.
- 13 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.
Key Topics Covered:
Chapter 1: Introduction
Chapter 2: About Jewelry Market Sales & Growth
Chapter 3: About Jewelry Consumers and Their Purchases
Chapter 4: About Most Recent Jewelry Purchase
Chapter 5: About Pricing of Jewelry
Chapter 6: About Where People Shopped for Jewelry
Chapter 7: About the Luxury Segment of the Jewelry and Watch Market
Chapter 8: About Jewelry Consumers’ Attitudes and Personalities
Chapter 9: About Maximizing Sales to the Jewelry Market
- Bailey Banks & Biddle
- Banana Republic
- Barneys New York
- Ben Bridge
- Bergdorf Goodman
- Blue Nile.com
- Bradford Exchange
- Danbury Mint
- David Yurman
- Di Modolo
- Fred Meyers Jewelers
- H Stern
- Harry Winston
- Hearts on Fire Diamond
- Helzberg Diamonds
- JC Penney
- Jewelry Exchange
- Jewelry TV
- Judith Ripka
- Leo Diamond
- Littman Jewelers
- London Jewelers
- Lord & Taylor
- Louis Vuitton
- Mont Blanc
- NBC Shop
- Neiman Marcuse
- Patek Philippe
- Polo Ralph Lauren
- Raymond Weil
- Reeds Jewelers
- Robert Lee Morris
- Roberto Coin
- Saks Fifth Avenue
- Sam's Club
- Scott Kay
- Sterling Jewelers
- TAG Heuer
- The Limited
- TJ Maxx
- VanCleef & Arpels
For more information visit http://www.researchandmarkets.com/research/d391d1/the_jewelry_and_wa