Understanding High Income African American Jewelry Consumers

THE MVEye, the premier market research firm for the gem, jewelry and watch industries, has released the ground-breaking report: Crafting Unity, Adorning Diversity- Cracking the Code to Engage High Income African American Buyers in the Luxury Jewelry Sector.

The report is based on a collaborative and comprehensive research study conducted by THE MVEye and Stephanie Coleman, publisher of Tré Magazine, delving into the unique world of high-income African-American jewelry consumers in the USA. By concentrating on those who self-identify as Black/African-American, and further affirming their Black heritage, this report captures a unique perspective from participants aged 20-59 with a household income of $100K and above.

The findings offer an in-depth look into both past jewelry buying and potential future shopping behaviors. Moreover, it looks closely at preferences that consider the nuances of the participants’ heritage, ensuring a comprehensive understanding of this influential market segment.

Stephanie Coleman announced: “With these findings, we aim to emphasize the distinct preferences and purchasing behaviors of high-income African-American jewelry consumers. Their choices are deeply rooted in cultural resonance and a demand for inclusivity, underscoring the need for industry adaptation.”

Key Findings from the Report Include:

  • High-income African-Americans are proactive consumers. A notable 63% actively seek brands reflecting or promoting their cultural heritage.
  • A significant 56% of African-American respondents emphasize the importance of sustainably produced jewelry, particularly in relation to conflict diamonds.
  • For 76% of participants, “feeling welcome” was the most critical factor influencing fine jewelry purchases, overshadowing price, selection, and even the expertise of in-store salespersons.
  • In-store expertise is a strong influencer; 54% of respondents highlighted the significance of knowledgeable in-store salespersons during their fine jewelry purchases.
  • Birthstones resonate deeply, with 59% of African-American respondents purchasing them as statement pieces.
  • Awareness of lab-grown diamonds (LGDs) stands at 64% among African-American consumers, trailing the overall market’s 80%.

 

Source: The MVEye