Reviews

Sunday, January 27, 2008

Reviews Three Years of Consumer Research in 2005 Year-in-Review
Report Analyzes Trends, Offers Strategic Recommendations Based on FindingsRequired reading for anyone in the gem and jewelry trade, the Jewelry Consumer Opinion Council e-panel 2005 Year-in-Review is available from This comprehensive, 61-page report presents key findings, analysis and insights in jewelry trends based on three years of consumer omnibus studies, and provides projections for future business and strategic recommendations for capturing a greater portion of that business in your marketplace.MVI Marketing Ltd. launched the four years ago. Today, this pioneering Internet-based market research analysis system boasts 100,000 consumers on the panel. members represent a cross-section of America's demographics. By hosting monthly surveys and client studies, MVI can track trends and buying habits before they surface in the market. "The cost of doing business has skyrocketed to such a level that to have the ability to better understand the wants, needs and desires of the consumer will help jewelers position themselves as premier jewelry retailers in their marketplace," explains Elizabeth Chatelain, Co-CEO of MVIMarketing and manager of the . "Consumers' desires often don't come close to the industry's perceptions. A tremendous disconnect still exists between the industry's perceptions of consumer preferences and what the consumer actually wants."Did you know that
Self-purchases accounted for half to as much as 90 percent of the jewelry purchased in any given month in 2005 for at least two thirds of the year.
80 percent of consumers are likely to buy jewelry for themselves anytime they see something they like, with half likely to do so shopping for others.
Valentine's Day has become a big holiday for parents to give gifts of jewelry to their children.
Prices below $200 are popular for holiday gifts with the possibility to up sell to $1,000. Mother's Day shows great promise to reach above $300.
Brand has historically been least important for consumer when buying fine jewelry. But 40 percent would consider branded silver and diamond jewelry.
Interest in diamond right-hand rings has soared. In 2003, 75 percent were unaware of the product. By February 2004, more than 42 percent owned one.
Hispanic jewelry consumers register a greater affinity for platinum, and are more likely to own a diamond right-hand ring than their Anglo counterparts.
About 75 percent of male respondents wear jewelry, and over a quarter would wear more if selection improved and they knew what was available.
Statistics indicate greater opportunity to acquire 75 percent more consumers to buy jewelry for Valentine's Day, Mother's Day, Father's Day, Graduations, and the winter holidays -- as well as other non-traditional occasions. A quarter of this untapped market is consistently undecided about fine jewelry.
But Chatelain laments that the jewelry industry's marketing and spending focus still do not come close to generating demand for alternative jewelry shopping experiences. "Smart marketers would benefit from promoting affordable jewelry ideas for these and other occasions throughout the year - giving options to those searching for what to buy," she advises