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

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