The Market For Jewelry And Watches Is Being Disrupted By Dramatic Shifts In The Consumer Mindset
The Market For Jewelry And Watches Is Being Disrupted By Dramatic Shifts In The Consumer Mindset —Research Holds The Key To Finding New Direction
New In-Depth Consumer Research Will Provide Vital Direction For Growth-Oriented Jewelry And Watch Marketers In Need Of New Direction
Not long ago, the consumer market for jewelry and watches was golden. But in the current recession, the jewelry and watch market has tarnished. Just one example is Tiffany -- The company's net sales during the first half 2009 dropped 19 percent overall, with sales in the vital U.S. market down a whopping 30 percent for the first half of the year.
In an effort to reduce dependence upon the jewelry market, the company recently acquired Lambertson Treux, a leather goods company known for luxury handbags and other leather goods.
Commenting on the prospects for the jewelry market in 2009 in the Wall Street Journal, Dione Kenyon, president of Jewelers Board of Trade said, "This will go down as one of the most difficult years in our industry's history."
It is no longer business-as-usual in the jewelry business; Marketers need to find new direction, new opportunities
"Jewelry retailers and marketers are challenged by rapid shifts in the consumer market. The companies were caught unawares by changing consumer sentiment and now need to find a new direction," explains Pam Danziger president of Unity Marketing and internationally-recognized authority on the luxury consumer market. "Focused, action-oriented consumer research is the key."
Market research, which helps companies track changes in the attitudes and mindset of the consumer, can provide marketers with guidance about future changes in shopping behavior. "With the right research tools, marketers can get out in front of changes taking place in the consumer market and develop new products and marketing and branding programs that align with the new consumer mindset.
"Jewelry and watch marketers face challenges as consumers change their preferences in items purchased, materials of composition, and retailers frequented. Unity Marketing will conduct a new in-depth study of the jewelry and watch market to help marketers predict the future of their market and their businesses," says Danziger.
Research sponsors needed for a major new consumer research study on jewelry and watch buying
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 focus of the investigation will be 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.
Those who will benefit most by sponsoring this study include:
Jewelry and watch product companies,
Jewelry retailers, including internet and direct marketers, and
Advertising and branding companies.
You will get an early read on the study's major findings ahead of everybody else and insider information only available to sponsors.
You will participate in learning what drives the jewelry buyer in shopping and buying jewelry and watches.
You 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.
You 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.
As a research sponsor, you will benefit in these key ways:
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.
Watch for more news from Unity Marketing about ways for jewelry marketers and retailers to build sales and increase revenues.