JCOC: Jewelry purchases up over holiday weekend-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

JCOC: Jewelry purchases up over holiday weekend

12/8/2009 9:15:36 PM

Paso Robles, Calif.--More consumers purchased fine jewelry or watches over Thanksgiving weekend and Cyber Monday than last year, according to the Jewelry Consumer Opinion Council's (JCOC) annual Black Friday Sale study.

According to the study, 34 percent of JCOC panel members shopped for holiday gifts over Thanksgiving weekend (Black Friday, Saturday and Sunday), compared with 32 percent in 2008. Of those, 22 percent bought fine jewelry or watches, while only 14 percent did so in 2008.

When asked who they purchased fine jewelry or watches for over Thanksgiving weekend (or who they will buy these gifts for over the holiday season), 34 percent of JCOC panel members said sons and daughters, 27 percent said "other" and 23 percent said husbands.

When asked how much they spent on fine jewelry or watches over Thanksgiving weekend, 33 percent spent less then $100, 26 percent spent from $200 to $500, and 23 percent spent from $100 to $200.

Department stores such as Macy's and J.C. Penney (or their Web sites) were the leading shopping venue for Thanksgiving weekend fine-jewelry or watch purchases, according to the study, with 24 percent of JCOC panel members buying there. Another 20 percent of respondents chose mass discount retailers such as Wal-Mart and Target (or their Web sites). Seventeen percent of JCOC panel members bought their fine jewelry or watch gift at a local independent fine-jewelry retailer (or their Web site).

As for Cyber Monday (the Monday after Thanksgiving weekend), 23 percent of JCOC panel members shopped for holiday gifts online, with 24 percent of them purchasing fine jewelry or watches.

For the holiday season to date, 41 percent of JCOC panel members who have or will be purchasing fine jewelry or watch gifts this holiday season have already done so online, compared with 7 percent at this time in 2008.

When asked how much they spent on fine jewelry or watches online, 32 percent spent less then $100, 28 percent spent from $200 to $500, and 25 percent spent from $100 to $200.

According to the study, the most popular Web sites were Amazon.com at 23 percent, brick-and-mortar retailers who also have a Web site at 20 percent and eBay at 17 percent.

The primary reason more than half of online fine-jewelry shoppers decided to purchase over the Internet this year was because they found a great deal, while 29 percent said it was more convenient.

Overall, when asked how many fine-jewelry and/or watch gifts are on their holiday shopping list, 58 percent of JCOC panel members selected none, 18 percent said they are not sure yet, 12 percent replied only one and 8 percent said two.

To further clarify, when asked why they don't have fine jewelry or watch gifts on their holiday shopping list, the top responses according to the study were: 40 percent don't have the budget for fine jewelry this year, 18 percent said no one had requested fine jewelry or watches this year and 11 percent said that with the economic turn down this year, they don't feel right spending money on fine jewelry.

The JCOC, the consumer research division of MVI Marketing Ltd., conducted this study with 1,167 JCOC panel members between Dec. 1-7.

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