Industry Underestimating Self-Purchase Market, Says PGI

In the latest demonstration of the strength of the self-purchase market, new research conducted by Platinum Guild International (PGI) found that 50% of consumers who purchased fine jewelry in the last two years bought at least one piece for themselves.

That number grows when looking at female jewelry purchasers, with 73% saying they had purchased at least one piece for themselves.

Male jewelry purchasers, however, are most likely to have bought an item for their significant other (74%) or their mother (25%), though a surprising 37% said they had bought at least one piece for themselves. Women jewelry purchasers were less likely (31%) to have bought items for their significant other, while 32% said they had bought a piece for their mother.

The research shows that the female self-purchase market is showing “strong growth,” said PGI USA president Jenny Luker in a statement.

She noted that women are buying handbags and shoes for themselves—and more need to consider jewelry.

“This sector of the market continues to increase, creating a greater opportunity for the jewelry industry to focus more resources on speaking to women directly,” she said.

Of those who purchased a piece of jewelry for themselves, 47% did so “just because,” PGI said, while 32% were marking a major milestone birthday.

Generation Z was the most likely age cohort to self-purchase, with 63% of respondents saying they bought themselves a piece of jewelry within the past two years. Yet older groups shouldn’t be discounted: 45% of Generation Xers, millennials, and boomers bought themselves at least one piece of jewelry, the survey found.

The survey defined “fine jewelry” as items made with precious metals or gemstones that sell for over $1,000.

PGI is not the only group to notice the growing importance of self-purchasing women in the jewelry industry. In recent years, De Beers and the Women’s Jewelry Association have launched campaigns targeting self-purchasing women.

Top: The Debut necklace from Platinum Born (photo courtesy of Platinum Guild International)

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JCK News Director