Study: Affluents spend on men's jewelry doubles-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

Study: Affluents spend on men's jewelry doubles

7/4/2010 7:05:58 PM

Stevens, Pa.--Fewer high-end consumers indulged in luxury purchases in 2009, but among those who did, an interesting trend emerged: They spent twice as much on men's jewelry as compared to the previous year.

According to Unity Marketing's latest report, the "Personal Luxury Report 2010," a total of 44 percent of affluent consumers (defined as those with an average annual incomes of $220,200) surveyed purchased personal luxuries in 2009, a drop of 10 percent from 2006, when more than half, 54 percent, of high-end consumers were spending on personal luxuries.

Despite the drop, the report shows improvement in spend on both men's and women's jewelry. Purchases of women's luxury jewelry grew 6.5 percent in 2009 as compared to 2008.

Men's jewelry, however, was a category that really sparkled, with spending more than doubling in 2009 as compared to 2008. According to the report, men's jewelry now accounts for 20 percent of luxury consumers' jewelry expenditures, up from 10 percent in 2007.

Sales of luxury watches also were strong in 2009, with all categories of timepieces, including men's and women's and casual and dress, showing sales growth.

While the report shows luxury spending by affluents faltered in 2009 overall, those who did buy personal luxuries spent almost 50 percent more on their purchases than they did in 2008, a trend Unity Marketing President and report author Pam Danziger said is a cause for optimism among luxury marketers and retailers.

"This indicates a trend toward a smaller group of high-spending consumers that must be carefully targeted in order for marketers and companies to remain healthy," Danziger said in a press release.

Other highlights of the report include the following:

Jewelry wasn't the only category where affluents were spending more on men. According to the report, men's clothing, including casual, business and outerwear, was a bright spot in the clothing and apparel category, and the same held true for men's accessories in the fashion accessories category.
Department stores struggled in 2009, with the report showing the stores lost their share of affluents in the clothing and apparel, fashion accessories, and beauty and cosmetics categories.
American luxury car brands gained ground in 2009 while European brands declined in purchase.
In the category of personal electronics, laptop computers were the item most purchased by affluents, followed by cellular phones and MP3 players. Electronic specialty stores captured 40 percent of the spending among affluent consumers.

The "Personal Luxury Report 2010" is a compilation of the quarterly luxury tracking studies performed by Unity Marketing every three months, with 1,000 to 1,250 affluent consumers who purchased one or more luxuries in the study period part of the survey.

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