Consumers are spending less on jewelry on Father’s Day than they did in 2006, according to a sending a Jewelry Consumer Opinion Council survey.
There are several notable differences between the Father’s Day study of 2,767 e-panelists conducted this May and a similar one performed in April 2006. Of the 48 percent of respondents who plan to buy dad a gift this year, a statistic that is down nearly 10 percent from last year, 10 percent intend to buy jewelry—also down some two percent over 2006. While more than a quarter asked their dad if he’d like jewelry last year, less than 20 percent did this year.
As gifts for dad, there’s a clear shift away from diamonds and towards precious metal jewelry, according to the JCOC survey. This year, far more panelists plan to shop for sterling silver and stainless steel, as more panelists, at nearly a quarter (up from eight percent in 2006), intend to spend less than $100.
Among those not planning to buy fine jewelry, 33 percent say it’s because their father or husband doesn’t like jewelry. Another 25 percent say jewelry is not in their budget. However, 26 percent would buy jewelry if they knew they could find a nice style for $99.
“The fine jewelry and watch industries have excellent growth potential in the Father’s Day market,” said Elizabeth Chatelain, president MVI Marketing Ltd., founder of the JCOC. “While some already plan to buy fine jewelry or a watch for their fathers or husbands, there are many more who could be persuaded to make a purchase. Although many say their dads would not like or want fine jewelry, a large number haven’t asked. According to fathers, there’s interest in receiving fine jewelry for this occasion. Watches and fashion rings are in demand, with yellow gold and diamonds generating the most interest.”
Chatelain suggests retailers encourage customers to ask their dads if they’d like fine jewelry or a watch for Father’s Day. She advises manufacturers follow trends of what shoppers and fathers are looking for as preferences and shopping habits are changing.
JCOCis a division of MVI Marketing Ltd., Paso Robles, Calif. It is an Internet-based, niche market research service made up of a sampling panel of consumers throughout North America.