Men have always been an important part of the jewelry market, but mostly as buyers of expensive women's jewelry. Yet their role as exclusive purchasers of women's jewelry is beginning to shift, as the sales of fine jewelry for men virtually doubled from 2004 to 2006 to reach $6 billion, according to a new study of the jewelry and watch market published by Unity Marketing.
"Jewelry designed for men used to be a step-child in the jewelry business, as compared to women's jewelry," said Pam Danziger, president of Unity Marketing and author of "Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience." "But in 2006 the men's jewelry market reached a 10 percent share of the market, so it can't be ignored any longer by jewelry marketers and retailers."
Men's jewelry sales continue strong in the luxury market
Signs are that sales of men's jewelry will continue apace in 2007 and beyond. For example, in Unity Marketing's quarterly surveys of luxury consumer purchases, men's jewelry purchase incidence rose each quarter this year to a high of 12 percent at the close of the third quarter 2007. This compares with an historic level of 5 percent purchase incidence in 2006. Such strong sales bode well for the health of the men's jewelry market going into the traditional fourth quarter gifting season.
"Our findings suggest that men are putting their experience as knowledgeable consumers of women's jewelry to work in making fine jewelry purchases for themselves," says Danziger. "Now that many men are abandoning business casual for more formal business attire, they are interested in accenting their wardrobes not only with a fine watch, but gold rings and cufflinks, and wholesale costume jewelry,fashion jewelry wholesale,wholesale jewelry,jewelry supply,pearl jewelry, body jewelry as well."
Jewelry store sales on upswing in 2006
This surge in interest in men's jewelry coincides with an overall trend in the jewelry market toward specialty retailers who can provide unique designs and individualized service. After losing market share for several years to discounters and mass merchants, specialty jewelers regained a full 50 percent share of the jewelry market in 2006. Says Danziger, "Jewelry shoppers, in their search for higher-quality merchandise and more fashion-forward designs, found that the service and expert advice available in jewelry stores was exactly what they needed. They were willing to trade up for service and experiences that they couldn't find in discount and warehouse retailers."
About Unity Marketing's new study of the jewelry and watch market
Unity Marketing has just published a new study of the jewelry consumer market, entitled "Jewelry & Watch Report, 2007." It combines the results of in-depth qualitative focus group research and a quantitative research study of 750 recent jewelry buyers' shopping preferences, behaviors and attitudes.
Included in the new "Jewelry and Watch Report, 2007" are profiles of the nation's top ten jewelry retailers, as well as details about where shoppers turned for their last jewelry or watch purchase and what features about the shopping environment influenced their shopping decision.