(NEW YORK) – Silver Promotion Service (SPS) announced the results of a U.S. consumer research study showing pent-up demand for jewelry, as well as intent to buy silver jewelry following the COVID-19 pandemic and quarantine. The study was conducted by research firm MVI Marketing. Of the jewelry consumers surveyed, 64% indicated that they still plan to purchase the jewelry gifts and self-rewards that they needed or wanted during quarantine and 50% of those intending to buy “just because” indicated that the jewelry purchased would be silver.
The study focused on U.S. jewelry consumers mainly 25-40 years of age, with HHI above $50K for singles and above $75K for couples, who have purchased fine jewelry valued over $200 in the past two years.
Highlights from the mid-June 2020 consumer survey include:
- The study completed by 511 U.S. jewelry consumers confirmed pent-up demand for fine jewelry buying, particularly for respondents who were somewhat or very affected by COVID-19, with a significant percentage of these consumers indicating that they plan to purchase between 1 – 4 pieces of jewelry.
- 64% of the consumers surveyed indicated intent to purchase the jewelry that they were unable to purchase during quarantine.
- 50% of those planning to buy fine jewelry “just because” indicated intent to purchase silver jewelry.
- Key characteristics when selecting silver jewelry were identified by respondents as versatility, affordability, design and elegance.
- There is a high likelihood of self-purchase for silver jewelry indicated across a variety of occasions (just because, birthday, self-love, etc.).
In commenting on the research, SPS Director Michael Barlerin said, “The Silver Promotion Service was pleased by the quantification of pent-up demand for jewelry purchases and obviously by the emphasis on silver jewelry. Perhaps the survey reflected the ‘Silver Lining’ for U.S. retailers as our industry moves forward during these complex times.”
The Silver Promotion Service was introduced in 2008 by the Washington, D.C. based Silver Institute. The objective of the SPS is to develop and implement programs designed to enhance the image of and stimulate demand for silver jewelry in major international markets. For more information on the SPS, please visit www.savorsilver.com.
About The Silver Institute
The Silver Institute is a nonprofit international industry association headquartered in Washington, D.C. Established in 1971, the Institute’s members include leading silver producers, prominent silver refiners, manufacturers and dealers. The Institute serves as the industry’s voice in increasing public understanding of the value and the many uses of silver. For more information on the Silver Institute, or silver in general, please visit www.silverinstitute.org.