Data & Insights / Industry / Platinum / Retail

Consumers Feeling Better About Economy—And Jewelry

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U.S. consumers are optimistic about the economy and wouldn’t mind splurging on jewelry, according to a new survey by NielsenIQ conducted by Platinum Guild International.

The survey found the following:

• While one-third of Americans feel positive about the current economy, more than half expect it to get better in the next three months. About one-half of respondents are optimistic about their current and future personal financial situations.

• Non-bridal jewelry has been driving the market demand, with more than half of participants looking to purchase non-bridal pieces within the next year. That non-bridal demand has been led by female self-purchase, with the heaviest self-purchasers aged 18–45.

When the self-purchasers were asked why they bought a piece for themselves, the number one answer given was “just because.”

• Gifters are predominantly men. Nielsen found that 72% of men surveyed had bought a gift for a significant other in the past two years, as opposed to only 28% of women. By generation, millennials are the heaviest gifters, followed by members of Generation X.

• In addition, 8 in 10 Americans currently feel comfortable shopping in-store.

PGI has posted an infographic of its findings here.

Things are also looking good for jewelry sales on Mother’s Day, according to the National Retail Federation (NRF), which predicts a $1.4 billion jump in spending, to reach $28.1 billion, the highest level it has seen in its surveys.

The NRF predicts that Mother’s Day jewelry will account for over half (59%) of this projected increase in spending, while electronics will account for over one-quarter (28%).

It also found that consumers plan to spend an average of $220.48 on Mother’s Day gifts this year. That is $16 more than they planned to spend last year, and the highest in the survey’s history.

“As we’ve seen with other holiday events, a large majority (82 percent) say that as a result of the pandemic, celebrating Mother’s Day this year is important to them,” said Phil Rist, vice president of strategy for Propser, which conducted the NRF survey, in a statement.

Top: A platinum engagement ring (photo courtesy of Platinum Guild International)

 

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By: Rob Bates

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