Men’s Jewelry Market Is on the Upswing as Consumers Turn to Specialty Retailers in Time for the Holidays
New Study From Unity Marketing Finds That Men’s Jewelry is Becoming Increasingly Important in The Overall Jewelry Market
Men have always been an important part of the jewelry market, but mostly as buyers of expensive women's jewelry. Yet their role as exclusive purchasers of women's jewelry is beginning to shift, as the sales of fine jewelry for men virtually doubled from 2004 to 2006 to reach $6 billion, according to a new study published by Unity Marketing entitled the Jewelry and Watch Report, 2007.
"Jewelry designed for men used to be a step-child in the jewelry business, as compared to women's jewelry," said Pam Danziger, president of Unity Marketing and author of Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience. "But in 2006 the men's jewelry market reached a 10 percent share of the market, so jewelry marketers and retailers can't afford to ignore it any longer."
Men's jewelry continues strong in the luxury market
Signs are that sales of men's jewelry will continue apace in 2007 and beyond. For example in Unity Marketing's quarterly surveys of luxury consumer purchases, the purchase incidence of men's jewelry rose each quarter this year to a high of 12 percent at the close of the third quarter 2007. This compares with an historic level of 5 percent purchase incidence in 2006. Such strong sales bodes well for the health of the men’s jewelry market going into the traditional fourth quarter gifting season.
“Our findings suggest that men are putting their experience as knowledgeable consumers of women's jewelry to work in making fine jewelry purchases for themselves,” says Danziger, “Now that many men are abandoning business casual for more formal business attire, they are interested in accenting their wardrobes not only with a fine watch, but gold rings and cufflinks, as well."
Jewelry store sales on the upswing in 2006
This surge in interest in men’s jewelry coincides with an overall trend in the jewelry market toward specialty retailers who can provide unique designs and individualized service. After losing market share for several years to discounters and mass merchants, specialty jewelers regained a full 50 percent share of the jewelry market in 2006.
Says Danziger, "Jewelry shoppers, in their search for higher-quality merchandise and more fashion-forward designs, found that the service and expert advice available in jewelry stores was exactly what they needed. They were willing to trade up for service and experiences that they couldn't find in discount and warehouse retailers."
About Unity Marketing's new study of the jewelry and watch market
Unity Marketing has just published a new study of the jewelry consumer market, entitled Jewelry & Watch Report, 2007. It combines the results of in-depth qualitative focus group research and a quantitative research study of 750 recent jewelry buyers' shopping preferences, behaviors and attitudes.
Included in the new Jewelry and Watch Report, 2007 are profiles of the nation's top ten jewelry retailers, as well as details about where shoppers turned for their last jewelry or watch purchase and what features about the shopping environment influenced their shopping decision.
Special features in this report are:
- Trends in sales and growth in the jewelry and watch market, by product form (e.g. necklaces, rings, earrings, etc.), material of composition (e.g. gold, platinum, sterling silver, etc.) and gemstone (e.g. diamond, precious colored stones, semi-precious gemstones, pearls, etc.).
- Brand preferences in both jewelry brands and watch brands.
- Profile of the affluent, luxury consumer market for jewelry and watches, including the luxury jewelry and watch brands that luxury consumers favor.
- Powerful guidance on pricing for retailers and marketers, including the popular price points for different jewelry items based upon research findings of what the majority of consumers paid when they made their latest purchases.
- 13 research-based Business Building Tactics to help jewelry marketers and retailers grow a more vibrant business.
- 7 Major Marketing Opportunities that will mean greater success for jewelry companies and retailers that develop strategies to take advantage of these emerging opportunities.
- Profiles of the nation's top ten jewelry retailers.
For media: Charts, tables and graphs are available on request.