Get Ready for a Jewelry Market Rebound after the Recession
Consumer Research Holds the Key to Finding New Direction in Totally Luxury Jewelry New Market
The worst of the recession is over for players in the luxury jewelry market. Now it is time for forward-thinking marketers to pick up the pieces and find new direction in a jewelry market that has changed dramatically as a result of the recession. Critical for luxury marketers to find a new direction in a changed market is understanding the mindset and purchase behavior of the new affluent jewelry consumer. Unity Marketing offers marketers a cost-effective way to understand the dynamics of the post-recession jewelry consumer market through sponsorship of a new jewelry market study.
Remarking on the shifts seen in the market for jewelry, Pam Danziger, president of Unity Marketing and lead researcher in the new jewelry market study, said, "Unity's quarterly luxury tracking study found that in 2009 affluent consumers spent about 20 percent more on jewelry purchases than in 2008. But while spending on jewelry is on the rise among affluents, their shopping patterns have changed dramatically post-recession."
For example, jewelry stores experienced a decline in excess of 10 percent of affluent's spending troubling news for specialty jewelry stores and jewelers. Discount stores, outlet stores and warehouse clubs enjoyed a significant growth in share of affluent's jewelry expenditure in 2009, as did department stores and luxury-branded boutiques.
"These changes in shopping patterns among affluents hint at even broader changes taking place within the overall jewelry consumer market at all income levels. Jewelry marketers and retailers need the latest research about the post-recession jewelry consumer in order to have the products they want, at the prices they are willing to pay, in the stores where they want to shop. Unity Marketing's plan for a new jewelry study will provide this critically important data for marketing and strategic planning," Danziger explains.
Research sponsors needed for a major new consumer research study on jewelry and watch buying
In the current market jewelry retailers and marketers are challenged by rapid shifts in the luxury consumer market. Focused, action-oriented consumer research is the key to future success and with Unity Marketing's sponsorship program where research costs are shared, that information can be provided cost effectively.
To answer the need for the latest information in trends in the jewelry and watch market, Unity Marketing will undertake a major new consumer insights study. The investigation will give marketers the data they need to understand the mindset of the consumer and their willingness to spend. It will explore what type of jewelry and watch products people buy, what kinds of metals and gems they prefer, how much they pay for the different types of products, where they like to shop for jewelry and watches and the key factors that influence them to buy, such as designer, fashion or style, materials, price, value, and others.
This research initiative will focus specifically on the needs, desires, and passions of jewelry and watch consumers. Company sponsors are needed to support this research effort.
Research sponsors will benefit in these key ways:
- Sponsors will advise on directions for the research and provide questions and input for the investigation.
- Sponsors will get an early read on the study's major findings ahead of everybody else and insider information only available to sponsors.
- Sponsors will participate in learning what drives the jewelry buyer in shopping and buying jewelry and watches.
- Sponsors will discover new ways to tap into consumers‚ passion for jewelry and watches in order to sell more of your company's or store's products.
- Sponsors will get a view over the horizon‚ about where the jewelry and watch market is going and find out how to get out in front of the consumer.
The insights gathered will help research sponsors discover new marketing opportunities for their products and ideas about increasing distribution through traditional and non-traditional means. This study wll use Unity's exclusive 'why people buy' market research strategy that combines qualitative and quantitative research methodologies.
As a research sponsor, your company will be involved in both the qualitative and quantitative research development. The research will be semi-custom‚ as company sponsors will contribute directly to the research.