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.
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