THE MVEye has released its latest consumer research report, Timeless Taste: Unveiling Women's Choices in Luxury Watches. This comprehensive study delves into the luxurious world of high-income female watch connoisseurs in the United States, offering unprecedented insights into their preferences and purchasing behaviors within the luxury watch market.
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U.S. consumers are excited about celebrating Valentine’s Day with 73% indicating that they will do something to celebrate. Thirty-seven percent said that they will spend more on giving gifts than they did last year. Valentine’s Day has historically been a dining out, flowers and chocolate holiday with jewelry coming in as a distant fourth. During the past 3 years of COVID, jewelry giving increased. This year’s research shows that jewelry is still a major gift category with approximately 25% of respondents planning to give fine jewelry as a gift. Almost all the jewelry will have gemstones with 38% mined diamonds and 16% lab grown diamonds. A larger percentage of women (28%) who indicated they would give jewelry chose lab-grown diamonds vs. 8% of men. “Many women see lab-grown diamond as their jewelry of choice for gifts,” said Liz Chatelain, President, THE MVEye who added, “The wide of assortment and price points have given them greater opportunity to give fine jewelry in recent years.” Of those giving jewelry, about 56% will spend over $300, while 44% will spend under $300. Men are the big spenders for jewelry: 74% say they will spend over $300 versus 29% of women who will spend that much. This research shows a projected spend increase for fine jewelry of 8% over 2022 and a 24% over 2018. Necklaces or rings are the top products selected for women and rings or bracelets for men. This study was conducted with over 300 U.S. consumers between the ages of 18 and 70.
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Today’s consumers of food, household products and even cars are demanding to know more about the origin of the products they buy and how they came to market. Many of the major industries are now sharing this type of information with their retailers and consumers alike backed up by independent 3rd party verified marketing claims.
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In every new product launch there are identifiable, pivotal events that lead to their success, and 2018 was a landmark year for lab-grown diamonds. As the year progressed, lab-grown diamonds continued their unmistakable upward trajectory demonstrated by increased acceptance among diamond dealers, jewelry manufacturers, retailers and most importantly, consumers.
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