A new survey released by the Diamond Producers Association (DPA) and KRC Research found that over 53 million Americans (21%) plan to purchase a diamond between Thanksgiving and Valentine’s Day, with men and millennials most likely to purchase these authentic symbols of love this holiday season. Of Americans who plan to buy a diamond, more than 20 million plan to buy a diamond engagement ring.
“After three years of flagging sales in the United States, the women’s watch segment is again on the rise, in part due to a concerted effort by leading watch makers to focus attention and marketing dollars on the women’s market. Women’s watch sales grew 2%, year over year, between January and May 2018, rising to nearly 7 million units, according to global information provider The NPD Group.”
The U.S. economy may be easing out of the recession but it will be some time before consumers are ready to spend freely on non-essential items. This attitude will definitely apply to items such as jewelry. While several jewelers have felt the sting of restrained spending and gone out of business, Buxbaum Jewelry Advisors executive vice president Stevan Buxbaum sees reason for optimism. It’s all about precious metals – specifically – gold.
Jewelry retailing suffered during the recession as consumers cut spending on nonessential items. Declining sales led to multiple store closings and the liquidation of well-known retailers such as Fortunoff and Finlay Enterprises. The surviving retailers will be looking for ways to differentiate themselves in 2010 and beyond.