Study Reveals: Jewelry Consumers Prefer Higher-end Styles

A study conducted by Unity Marketing reveals that consumers traded up to more luxurious jewelry and watch choices in 2006.

American consumers spent $62.2 billion on jewelry and watches – this constitutes a 6.5% increase over sales in 2005 that reached $58.4 billion.

The luxury sector of the jewelry market experienced the greatest growth: Sales of fine watches increased by 39% and fine jewelry by 10%.

The fashion (costume) jewelry segment decreased by 8% and the sale of costume watches dropped by 20%.

Among other trends revealed by the survey about the consumer market for jewelry and watches was the fact that the men`s jewelry market came into its own and is no longer a mere after-thought. In addition, brick-and-mortar jewelry stores seem to be regaining some of the ground that they have lost in recent years. Also, demand for gemstone jewelry soared in 2006, particularly for semi-precious stones and diamonds. And finally, while the demand for fine watches grew considerably last year, young consumers show signs of rejecting watches as a status symbol.