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The Jewelry Consumer Opinion Council (JCOC) published a report detailing the Hispanic consumer market in terms of what that segment wants to purchase, how much they intend to spend, and from which retailers in ''The Hispanic Jewelry Market in the USA: The Hidden Giant 2011.'' JCOC president Liz Chatelain explains major takeaways for retail marketers and some surprises from this latest body of consumer research.
JCOC found that eight in 10 Hispanic consumers plan to purchase fine jewelry in next 12 months.
"The results of this study are dramatic and present several significant opportunities to fine jewelry retailers and manufacturers to better understand and cater to the Hispanic market," according to a statement issued by Marty Hurwitz, the chief executive of MVI Marketing Ltd. "Not only is the Hispanic population in the USA exploding, but the Hispanic appetite for watches, diamonds and colored gemstones is voracious."
The fee-based report details and analyzes the data collected in an exhaustive consumer market research study conducted in conjunction with Offerwise, a leader in Hispanic consumer market research. The American Gem Trade Association (AGTA) www.agta.org was a major sponsor of the study.
Hurwitz stated, "The Hispanic jewelry consumer is the next giant growth demographic for the jewelry business in the USA. It is now a $8.7 billion market, which represents a six-fold increase over our JCOC 2005 Hispanic market study. In this study we were able to segment consumers by level of acculturation in the USA. Distinctive marketing is needed for each Hispanic consumer segment."
Highlights included retailer outlet preferences, how the segment uses the Internet, driving factors for watch and jewelry purchases, untapped products and services and successful marketing angles.