New York, NY—The Silver Promotion Service (SPS) has joined other organizations in finding significant pent-up demand for jewelry following the COVID-19 pandemic and quarantine.
SPS on Tuesday announced the results of a U.S. consumer research study showing 64% of respondents indicated they still plan to purchase the jewelry gifts and self-rewards they needed or wanted during quarantine, and 50% of those intending to buy “just because” indicated that the jewelry purchased would be silver.
The study, conducted by MVI Marketing, focused on 511 U.S. jewelry consumers mainly 25-40 years of age, with household income above $50,000 for singles and above $75,000 for couples. Consumer respondents also have purchased fine jewelry valued over $200 in the past two years. Highlights from the mid-June 2020 consumer survey include:
- The study confirmed pent-up demand, particularly for respondents who were somewhat or very affected by COVID- 19. A significant percentage of these consumers plan to purchase between one and four pieces of jewelry.
- 64% of the consumers surveyed indicated intent to purchase the jewelry that they were unable to purchase during quarantine.
- 50% of those planning to buy fine jewelry “just because” indicated intent to purchase silver jewelry.
- Key characteristics when selecting silver jewelry were identified by respondents as versatility, affordability, design and elegance.
- There is a high likelihood of self-purchase for silver jewelry indicated across a variety of occasions (just because, birthday, self-love, etc.).
SPS director Michael Barlerin said, “The Silver Promotion Service was pleased by the quantification of pent-up demand for jewelry purchases and obviously by the emphasis on silver jewelry. Perhaps the survey reflected the ‘silver lining’ for U.S. retailers as our industry moves forward during these complex times.”