Analysts See Signs Of A Jewelry Market Recovery
Could the jewelry market really be seeing signs of an upswing? Jewelry has been one of the hardest hit economic sectors in this recession leading to the the bankruptcies of several jewelry retailers. But new data from Unity Marketing shows that average jewelry spending by shoppers with minimum household incomes of $100,000 leaped up 31 percent to $4,813, in the third quarter from a year earlier. What's really interesting is that is compared against sharp drops in shoes, handbags and clothing. Does this signify a new status for jewelry as a purchase that holds its value?Pam Danziger, president of Unity Marketing told Marketwatch that affluent consumers are "selectively indulging once again" but that the spending was mostly driven by affluent consumers with average household incomes of $233,000 while the "aspirational" shoppers making below $125,000 are still more thrift-minded.
The news comes as it was revealed that Zale Corp, the company behind Zales Jewelers, has canceled some orders with suppliers and delayed payments. The Wall Street Journal said that Zale did not accept tens of millions of dollars of inventory at the end of November. The fact that a jeweler refused inventory just before the busiest time of the year appears to be a major sign of trouble. This reflects the fact that for the most part the Zales customer falls within the aspirational demographic which is still waiting to get back into the stores.
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Reader Comments (Page 1 of 1)
Miriam Mar 16th 2010 7:45AM
Our statistics show a similar trend. Pearl jewelry sales at http://www.pearldistributors.com were considerably higher this year in the more exclusive and higher price range pearl necklaces and earrings, whereas the lower price range items which would be bought by lower income families stayed the same as the year before.