Spending on jewelry for gifting is likely to increase. Image credit: Platinum Guild International
Positioning precious jewelry as personally meaningful purchases will encourage consumers as the industry looks to recover from the economic impact of the coronavirus pandemic, according to a new report from Platinum Guild International. Consumers are drawn to jewelry pieces that are personally meaningful and will maintain long-term value. Spending on jewelry for gifting is likely to increase following the coronavirus crisis, per the study. “Jewelers needs to capture the sentiment that consumers are willing to shop for jewelry but pieces need to have meaning,” said Huw Daniel, chief executive officer of PGI, in a statement. “In order to capture the potential for post-COVID-19 gifting, jewelers need to upgrade online and offline omnichannel strategy to better meet consumer needs post-COVID-19. “Consumers want to see products inside the store but with restrictions it’s important to engage with customers more proactively through online channels in the meantime,” he said. The survey is based on responses from more than 1,000 jewelry consumers across the industry’s key markets: the United States, Japan, China and India. Consumer plans Consumers from all four markets seem ready to spend on precious jewelry for loved ones. Platinum jewelry is already seen as a symbol of love and affection in different relationships. This emotional connection is even more valuable as many consumes are re-evaluating their personal lives and relationships during coronavirus.
PGI surveyed luxury consumers about their reasons for purchasing platinum jewelry. Image courtesy of Platinum Guild International