July 17, 2002
Survey Says Consumers Plan Jewelry Buys
MVI's Jewelry Consumer Opinion Council found 27% of respondents still plan to buy fine jewelry this year, with another 27% saying they may purchase such items. MVI conducted a nationwide survey recently to gauge consumer sentiment for the remainder of 2002.
The remaining 46% of respondents said they would not be in the market for fine jewelry. The survey was conducted from June 30-July 11 and the response was heavily weighted toward women, who outnumbered men almost 8 to 2. The biggest response came from people aged 26-55. Nearly two-thirds of respondents had household incomes of $75,000 or less. Respondents were 18 and older and U.S. residents.
Of those who said they would not buy fine jewelry, 58% said it was because they couldn't afford it. The rest listed responses that included being afraid of being ripped off (7%) and not trusting fine jewelry stores or salespeople (8%).
Of those planning to or considering buying fine jewelry, 73% will buy for themselves, with 30% planning to buy for spouses, 30% for daughters and 35% for mothers.
When considering the types of jewelry they'll buy for themselves, the highest responses were for silver jewelry; colored gemstone rings and earrings; diamond earrings and bracelets; gold chains, earrings and rings; and brand-name fashion and luxury watches. When buying for mothers, respondents named gold earrings and necklaces most often, as well as colored gemstone earrings. When buying for daughters, respondents will most often consider colored gemstone earrings and rings and gold chains, earrings and rings.
Asked where they'll shop for themselves, 30% of respondents said local independent jewelers, 17% said national chain jewelers, 16% said mass discounters, 7% said internet retailers, and 6% said TV retailers, among other choices.
More than 50% of respondents plan to spend between $50-$300 on jewelry for themselves, with 26% planning to spend between $300-$1,000, 8% planning to spend between $1,000-$10,000, and 1% planning purchases over $10,000. On gifts for mothers, 82% of respondents plan to spend under $300. On gifts for daughters, 81% said they'd spend under $200.
The survey also asked respondents to compare their spending to last year: 43% will spend more, 12% less, and 44% the same.
For more information and details on the survey, contact MVI Marketing Ltd., www.mvimarketing.com, firstname.lastname@example.org.
by Peggy Jo Donahue