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Deloitte: Jewelry Ranks Low on Consumer Wish List
Oct 25, 2020 9:17 AM
By Rapaport News
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RAPAPORT... US consumers ranked jewelry low on their list of gifts to buy and receive from loved ones, as many plan to curb their spending this holiday season amid strong concerns about economic stability.
The category was the bottom pick when it came to items shoppers would purchase as a gift, chosen by only 24% of respondents in Deloitte’s recently released 2020 Holiday Retail Survey, which predicted shoppers would spend 7% less on gifts this year than last. Top choices included gift cards, picked by 48% of those surveyed, followed by clothing at 43%, and games and toys, which garnered 40% of the vote.
When it came to the gifts consumers hoped to get for the holidays, money took the number-one spot, with 43%, while gift cards scored 42%, and clothing and books tied at 37%. Jewelry, which nabbed 27%, was trailed by cosmetics and fragrances, which earned 26%, pet toys and décor at 15%, and games and toys at 14%.
Jewelry was more popular among millennials and Gen Zers than other age groups. About half of respondents in those categories said they were likely to make that purchase, according to a separate survey from Platinum Guild International (PGI). For those who did plan to buy jewelry in a brick-and-mortar location, the primary destination of choice was a local or independent jeweler, followed by a national jeweler, such as Jared, Kay Jewelers or Helzberg Diamonds. Department stores took the third spot, with high-end retailers such as Tiffany & Co., mass merchandisers, and club stores such as Costco and Sam’s Club rounding out the list.
Many shoppers voiced concerns about buying in physical stores, according to Deloitte. Some 62% of respondents expected to make the bulk of their purchases online, while 50% stated they would go to mass merchants, such as Target or Walmart. Consumers plan to shell out approximately $892 for seasonal gifts online, compared to $390 in-store. Cyber Monday has surpassed Black Friday in importance for all generations of shoppers, Deloitte noted.
Deloitte surveyed 4,012 US consumers between September 9 and 15. PGI gathered responses from 1,000 US consumers aged 18 to 64 who have acquired fine jewelry for the holidays, or would be open to doing so.
Image: A gift containing jewelry. (Shutterstock)
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Tags:
black friday, cyber monday, deloitte, Helzberg Diamonds, Holiday Retail Survey, Jared, Kay Jewelers, PGI, Platinum Guild International, Rapaport News, Tiffany & Co, US Holiday Sales
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