Hispanic Consumers Will Spend $1.5 Billion on Fine Jewelry in 2005

February 18, 2005

Hispanic Consumers Will Spend $1.5 Billion on Fine Jewelry in 2005

Almost 75% of Hispanic consumers studied by Jewelry Consumer Opinion Council say they already own fine jewelry, and more than 45% of them will spend more than $500 on a fine jewelry purchase in the next twelve months. The new JCOC study, entitled The Hispanic Jewelry Market in the USA: The Hidden Giant, shows the Hispanic jewelry market is an untapped market with tremendous potential, due to the fact that 39 million Hispanic consumers reside in the U.S. The Hispanic market is the fastest growing consumer group in the country.

Not surprisingly, the study indicated that as Hispanic income increases, the likelihood of fine jewelry ownership increases, although all income groups have high purchase intent across a wide variety of price points. The survey covers fine jewelry buying habits, attitudes and expectations, as well as where they shop, why they buy and how much they have spent and plan to spend.

While the study reveals high interest in religious jewelry within the Hispanic community, it also indicates their strong desire for diamonds and fashion jewelry - including their feelings on right-hand rings and three-stone diamond jewelry, as well as other cultural imperative gift occasions that currently remain largely unaddressed by the jewelry industry.

For full details of the survey, visit www.jcoc.info.

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