New opportunities emerge for the jewelry industry

JCK magazine recently published “Jewelry Can Capture Travel Market Share, De Beers Says“, a great article covering a DeBeers report, where we found some interesting points about the transformation of the jewelry consumer.

For example, 44% of consumers now have more cash on hand because they canceled trips and other experiences such as dining out during the year.

In addition, more than 65% of Americans have canceled their travel plans. And as a result, 55% of that portion now have more money waiting in their pockets, ready to spend.

About 13% of consumers expect to mark a special occasion by buying diamonds, and while this percentage may seem low, if you put it on a real-life scale, as in the estimated population of 8,336,817 in New York City, you get approximately over 1,000,000 potential customers interested in buying diamond jewelry in a single city!

Rob Bates, author of the article and news director of JCK, writes the following notes:

In a survey of 500 Americans over the age of 18, only 15% believe they will spend on travel in the next six months. That could be a boon for jewelers, since, according to the report, “experiences,” particularly travel, have replaced material things as millennials’ top discretionary spending choice in recent years.

Rob Bates, JCK News Director

Want to find out how 2Shapes can help you take advantage of this opportunity? Request a demonstration with our specialists now.

Source: https://www.jckonline.com/editorial-article/jewelry-market-share-travel

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