Sales Strategy
PGI Commissions Study To Help Jewelers Sell Through Holiday In A Pandemic | October 21, 2020 (0 comments)
New York, NY—The holiday season is here and not only has the COVID-19 pandemic not gone away, case numbers are surging again. What is that going to mean for jewelers entering their most critical selling season?
The good news is that multiple studies have shown the pandemic has not hurt the jewelry industry. Indeed, it’s actually helped in some sectors as the pandemic has been an emotional time and consumers are seeking ways to express emotion to those near and dear. Also, many affluent consumers who did not travel this year have redirected vacation funds toward luxury jewelry purchases.
Related: De Beers’ Latest Insight Report Finds Diamonds Will Matter A Lot In The New Normal
On the other hand, jewelers are going to continue to pivot somewhat in how they sell this season, as the need for safety and social distancing continues.
In September Platinum Guild International USA commissioned 360 Market Reach to conduct a jewelry buying study. Within the study, researchers specifically looked at the future intent of consumers for the upcoming holiday shopping season and the effects of the COVID-19 pandemic. The focus group was comprised of 1,000 U.S. consumers age 18 to 64, who have or would be open to acquiring fine jewelry, defined as jewelry costing at least $1,000 and made with precious metal.
One of the key findings from the study was that younger consumers are ready to buy fine jewelry. Half of all millennials and Gen Z consumers are likely to shop for fine jewelry this holiday season. This is significantly stronger than among older generations.
Also notable was that consumers seem to be entirely comfortable shopping in-store—as long as safety protocols are in place. Younger consumers feel more confident about buying in person than older consumers, who are more likely to buy online, a role-reversal of the normal demographic prior to COVID.
When specifically asked about the effects of the pandemic, only a small percentage of respondents cited concern over COVID-19 when planning their holiday shopping. 64% of respondents felt ‘completely’ or ‘mostly comfortable’ to shop in-store.
Across all age groups, 87% of respondents planned to shop in-store for jewelry, with the majority of shoppers looking to support local and independent retailers. In addition to their in-store shopping, 70% of respondents said they would also be shopping online, with a third selecting national chains’ websites as their go-to.
When asked specifically what jewelers can do to make the in-store experience less stressful and shoppers more comfortable, there was a resounding call for bothemployees and customers to be required to wear masks at all times. Masks were followed by a limitation of the number of customers in-store at one time and the strict enforcing of social distancing measures. Providing hand sanitzer upon entry also scored high marks from consumers.
The research also reinforced the importance of retailers’ continued active communication with their consumers. Using e-blasts, social media channels and even direct mail, retailers should share key messaging that they are open, can offer a safe shopping environment or a seamless virtual experience, for those clients who opt to shop from home.