(NEW YORK) – The Plumb Club’s comprehensive industry research study and consumer survey delves into the complex mix of physical, mental and emotional components that factor into how a customer decides to purchase. The survey outlines a number of key factors that influence that decision.
The industry research points out that roughly 70% of all jewelry is purchased by adults of ages 25 – 50 (Gen X and Gen Y) with the largest share belonging to millennials (Gen Y). It shows that the average millennial spends approximately 157.9% above the average American on jewelry annually. The research also highlights that this group is both “tech-savvy” and reliant upon digital devices. This customer craves tailored and personalized experiences, wants transparency, ecological and social commitments from their brands and selling channels, as well as diversity and inclusivity. They further want to be free to express themselves and their personality prominently, whether that be on social media or in their purchase decisions.
On the survey side of the document, with responses from over 2000 consumers across the US, here is some of the learning:
- Consumers are interested in purchasing jewelry for special occasions (54%), but often for no needed reason (24%). Retailer websites, as well as family and friends, are the most important influencer (39% respectively) and the three most important factors while purchasing jewelry are quality (31%), price (24%), and design (23%).
- 79% of consumers say that knowing more about a store or brand’s responsible business practices and supply chain would influence their purchase from one store or brand over another.
- Fair-trade labor, ethical sourcing, traceable origin of diamonds and gemstones, as well as sustainability, are important to consumers with 42% saying they would pay a great deal (up to 25% more) or a lot (up to 20% more) for those characteristics. 39% said they would pay a moderate amount (up to 10% more).
- 61% of consumers say that product-driven ads (no model) have the most impact on them, while ads with a beautiful model have the least impact. Additionally, 78% say the look of the store influences their jewelry purchase.
- 64% of consumers would like their retailer to offer VIP benefits (discounts, early access to new products, exclusive access to events) both in store and online and 75% said they would be willing to buy more from a jeweler to achieve VIP status.
- When it comes to other elements of importance, 78% of consumers feel it is “important” or “very important” their salesperson has credentials, certificates, or education about the product. 55% feel it is “important” or “very important” a jeweler maintains an updated online and social media presence. 55% feel it is “important” or “very important” a retailer shows diversity and inclusivity.
The insights shared here are part of a multi-faceted research study initiated by The Plumb Club with the assistance of Paola Deluca, The Futurist, and Qualtrics, a world-renowned survey and analytics firm. The study was conducted with the goal of understanding how individuals engage with jewelry. Respondents had all attended some college or higher and had a combined household income of at least $75K/year.
Any retailer wishing more information on The Plumb Club Industry and Market Insights 2023, should contact their Plumb Club Member vendors. A full listing of Members can be found here.