A new survey predicts that high-end jewelry “may be under some pressure” for the rest of 2013, with 25 percent of affluent consumers saying they plan to spend less on that category.
The survey by the New York City-based Luxury Institute polled consumers with a net worth of at least $5 million and minimum annual household income of $200,000.
The survey also found that spending on handbags was projected to fall, with ultra-wealthy respondents preferring to spend on travel, dining, and wine.
“They are definitely going to the ‘experential’ categories,” Luxury Institute president Milton Pedraza tells JCK. “Travel is healthy, technology is healthy.”
Pedraza believes the “economy is not as healthy as people think.”
“Even though real estate is robust and the stock market is robust, there is a lot of uncertainty out there,” he says. “There is some pent-up demand, but also a lot of caution.”