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New Report on High-Income African American Luxury Jewelry Consumers September 11, 2023 (1 comment)
Austin, TX--THE MVEye, a market research firm for the gem, jewelry and watch industries, has released a report on African-American consumers. The name of the report is: Crafting Unity, Adorning Diversity- Cracking the Code to Engage High Income African American Buyers in the Luxury Jewelry Sector.
The report is based on a collaborative and comprehensive research study conducted by THE MVEye and Stephanie Coleman, publisher of Tré Magazine, delving into the world of high-income African-American jewelry consumers in the US. By concentrating on those who self-identify as Black/African-American, and further affirming their Black heritage, this report captures a perspective from participants aged 20-59 with a household income of $100K and above.
The findings offer an in-depth look into both past jewelry buying and potential future shopping behaviors, said Marty Hurwitz, CEO of MV Eye. Moreover, it looks closely at preferences that consider the nuances of the participants' heritage, ensuring a comprehensive understanding of this influential market segment.
Stephanie Coleman said: "With these findings, we aim to emphasize the distinct preferences and purchasing behaviors of high-income African-American jewelry consumers. Their choices are deeply rooted in cultural resonance and a demand for inclusivity, underscoring the need for industry adaptation."
Key Findings from the Report Include:
- High-income African-Americans are proactive consumers. A notable 63% actively seek brands reflecting or promoting their cultural heritage.
- A significant 56% of African-American respondents emphasize the importance of sustainably produced jewelry, particularly in relation to conflict diamonds.
- For 76% of participants, "feeling welcome" was the most critical factor influencing fine jewelry purchases, overshadowing price, selection, and even the expertise of in-store salespersons.
- In-store expertise is a strong influencer; 54% of respondents highlighted the significance of knowledgeable in-store salespersons during their fine jewelry purchases.
- Birthstones resonate deeply, with 59% of African-American respondents purchasing them as statement pieces.
- Awareness of lab-grown diamonds (LGDs) stands at 64% among African-American consumers, trailing the overall market's 80%.
The complete report of findings is now available for download on THE MVEye's official website.