Cover Focus | Ethnic Markets: Hispanic Americans
The Hispanic Jewelry Market
JCOC study reveals a hidden giant
By Peggy Jo Donahue
Here are some key facts from a January 2005 study of Hispanic jewelry preferences by the Jewelry Consumer Opinion Council:
Hispanics will buy $1.5 billion worth of jewelry in 2005. Men and women will buy an almost equal number of pieces, but the dollar amount that men will spend is significantly more. Almost three-quarters of the population already own fine jewelry, with nearly 25% owning five to 10 pieces.
More than 50% of those polled have spent $500-$10,000 on at least one piece of jewelry, with an additional 4% having bought at least one jewel over $10,000.
Close to 50% of Hispanics shop at a national jewelry chain store or a local independent fine jeweler.
Yellow gold is still the markets favorite metal, though over 17% of respondents choose platinum vs. 4% of the general population. Theyre less fond of silver than Americans in general.
Diamonds are predictably popular, with over half citing them as favorites. However, nearly 20% prefer jewelry made with colored gemstones.
While its true many Hispanics wear fine jewelry because of tradition and over half own a piece of religious fine jewelry, Hispanics also follow the latest trends, such as right-hand rings and three-stone jewelry.
You have specific occasion opportunities with this market (though, like the general populations, Hispanics buy mostly for birthdays and Christmas). The Quinceanera, when a girl turns 15, is a prime opportunity for jewelry sales promote this occasion. Hispanics also buy more jewelry for Mothers Day or Fathers Day than the general population. Close to 65% say theyve bought jewelry for themselves, and they spent more on themselves than when buying for someone else.
- Jewelry Consumer Opinion Council, MVI Marketing, Paso Robles, CA; (805) 239-2994, www.mvimarketing.com.