Self Purchase – The No. 1 Reason to Buy Jewelry
A recent survey conducted by The Plumb Club Industry & Market Insights among 1,049 online respondents in the US (aged 25-60, college educated with $75K+ income), reveals some fascinating jewelry shopping trends:
The most important factors: “Quality” (31%), “Design” (23%) and “Uniqueness” (17%) are still the most important factors for a consumer looking for jewelry. “Price” came in with just 16% viewing it as the most important factor.
Influencers: One-third of participants (33%) named retailer websites as the No. 1 influence, a stunning figure that underscores the value of a retailer’s online presence. “Family and friends” were second highest at 30%, and social media advertising was third at 14%.
Why buy? 48% of consumers were most interested in purchasing jewelry to commemorate a special occasion. 23% said “no reason needed,” while 12% said a personal reward was their prime motivator. According to the survey, “a combined total of 52% not needing an event to purchase jewelry, [which] highlights the growth of the self-purchase category.”
When asked to rank “jewelry purchase motivations” in level of importance, self-purchase was No. 1 at 40%, with “special occasion” coming in second at 31%.
How much? The average spent on a new jewelry purchase is $1,207. 51% said they would only spend up to $500 on average when purchasing new jewelry, and 26% say they would spend from $1,000 to over $5,000 on a piece of jewelry.
Where do we buy it? 28% of participants said they purchase jewelry online, while the majority (63%) still prefer to purchase in store at an independent, department store or national chain. 25% said they prefer an independent or a local jeweler.
Sustainability: Respondents were asked to rank on a scale from 1 to 10 how important it is to them that their jewelry is responsibly sourced, sustainable and ethical. 20% ranked this consideration a 10, and the average ranking was 6.5. 72% said they would be willing to pay more for a piece of jewelry that was sustainably sourced. 26% said they would pay “a great deal” more.