Some eight out of 10 Hispanic consumers will purchase fine jewelry in the next 12 months, according to a new survey by the Paso Robles, Calif.-based Jewelry Consumer Opinion Council.
The survey found that the appetite for watches, diamonds, and gemstones among Hispanic consumers is “exploding.” It estimated that the Hispanic jewelry market now represents $8.7 billion in revenue, a six-fold increase over JCOC’s 2005 Hispanic market study.
“Jewelry is still very important to the Hispanic consumer, unlike the non-Hispanic consumer that feels there are other things they want to spend their money on,” JCOC president Elizabeth Chatelain tells JCK.
The survey found that jewelry is a “big symbol” for these buyers, and they use it to commemorate milestones like graduation, Easter, and the quinceanera, a celebration of a girl’s 15th birthday.
“Female self-purchase is also very big,” Chatleain says.
And yet many traditional retailers are slow to reach out to this demographic.
“Many neighborhoods are changing, and yet you talk to many retailers across the country and they say there is a growing Hispanic population in our area but we don’t know how to tap into it,” she says.
The survey found that Hispanic consumers often patronize department stores and Walmart, but also “local stores who cater to them.”
There are things retailers can do to appeal to this consumer, the survey says.
“Make sure all the marketing materials that are available at the store have a Spanish version,” she says.
The complete report, The Hispanic Jewelry Market in the USA: The Hidden Giant 2011, is being sold at the MVI website.