(New York) Celebrating its 40th anniversary, The Plumb Club today unveiled some of the results of a leading-edge survey conducted this year across the US, with a sampling of over 2,000 consumers. The survey is part of a multi-faceted research document executed with the assistance of Paola Deluca, The Futurist, and Qualtrics, a world-renowned survey and analytics firm.
Among a variety of jewelry-related topics, the complete document, entitled The Plumb Club Industry & Market Insights 2023, identifies the most current insights and trends in jewelry purchasing and motivations. Some key insights uncovered in the consumer survey are:
A majority of consumers say that the relaxation of COVID restrictions will not change their jewelry purchasing decisions. However, inflation and the rising cost of goods will cause almost 30% to wait for special deals or promotions to purchase.
Special occasions such as birthdays, anniversaries or holidays are the most important trigger of a jewelry purchase (54%), however the price of the item comes in as secondary (24%) in level of importance to the purchase. Quality was ranked the highest level of importance at 31%.
A jeweler’s website is one of the most important influencers of the purchase, ranking on par with the influence of family and friends. Independent and local jewelers are the primary choice with 42% of respondents saying they usually buy through this channel. Additionally, 57% of consumers said the availability of financing is a purchase motivator.
The average spend on a piece of non-bridal jewelry is $1,297 (up approximately 7.5% from The Plumb Club survey of 2021), while the average spend for an engagement ring is $5,373. The most popular engagement center diamond continues to be a classic round (41%) with oval shapes gaining popularity. 10% of brides are choosing a “non-diamond” engagement ring.
The consumer survey sampled over 2,000 men and women, from the ages of 25-60 in a variety of markets across the US. Respondents had all attended come college or higher, had a combined household income of at least $75K/year and claimed to have either purchased jewelry in the past year and/or were intending to purchase jewelry in the upcoming year.
Further valuable information from this groundbreaking research will be made available in the coming weeks. Retailers wishing for information on The Plumb Club Industry and Market Insights 2023 should contact a Plumb Club Member prior to the JCK show, or within The Plumb Club Pavilion at JCK Las Vegas. For a full listing of Plumb Club Members, visithttps://plumbclub.com/members/ or email firstname.lastname@example.org.