One Third of Wealthy Consumers Will Buy Less Jewelry: Survey

Some 33 percent of affluent consumers say they plan to “trim
spending” on jewelry this year, according to a survey by the Luxury Institute.

Overall, 36 percent of respondents plan to decrease overall
spending on luxury items in general, with just 6 percent saying that they will
spend more. In addition, 37 percent report spending less since the beginning of
the year, while 7 percent say they are spending more. However, 22 percent of
the wealthy confessed to making impulse purchases despite efforts to be
disciplined.

The survey did find that consumers are not as frugal as they
were last year, when 45 percent of wealthy consumers planned to cut back on
luxury spending.

However, discounts remain popular: 20 percent of wealthy
shoppers say that they plan to spend more on discounted products. And 38
percent of wealthy consumers say that a significant discount will positively
influence their decision to purchase.