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The JCK magazine recently published "Jewelry Can Capture Market Share from Travel, De Beers Says" a great article that covers a DeBeers report, where we find some interesting points on the jewelry consumer transformation.
For example, it's noted that 44% of consumers now have more available cash because they canceled travels, and other experiences such as dining during the year.
Also, over 65% of Americans have canceled their plans for traveling. And as a result, 55% of that portion now have more money waiting on their pockets, ready to be spent.
About a 13% of consumers hope to mark a special occasion by buying diamonds, and as this percentage may seem scarce, if you put it on a real-life scale, like on New York's 8,336,817 estimated population, you get roughly over 1,000,000 potential customers interested into buying diamond jewelry in a single city!
Rob Bates, the author of the article and JCK News Director, writes the following notes:
In a poll of 500 Americans aged 18 and above, only 15% believe they will spend on travel in the next six months. That could be a benefit for jewelers, since, the report said, “experiences”—particularly travel—have replaced material things as millennials’ top choice of discretionary spending in recent years.
Want to discover how 2Shapes can help you take advantage of this opportunity? Schedule now a 1 to 1 session with our specialists to know how you can jump-start your business as soon as possible.