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Wealthy View Jewelry, Watches as 'Earned Asset'

Nov 5, 2014 4:02 PM   By Jeff Miller
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RAPAPORT... The Survey of Affluence and Wealth, published by Time Inc. and YouGov, revealed that the jewelry and watch category made the top five gift list for Christmas season 2014 as 30 percent of affluents selected that choice, which was up from 27 percent in 2013. Other top gift choices were gift cards (64 percent), fashion (58 percent), books (38 percent) and food, wine and spirits (37 percent).

YouGov was optimistic for strong sales growth in both food and fine jewelry this year as the wealthy classes viewed jewelry and watches as  an “earned asset” for their hard work.

In addition, shopping for oneself has become an increasingly popular trend. “We believe men and women feel the need to reward themselves for their hard work at keeping their lives together during the difficult recessionary years,” said Jim Taylor, the vice chairman of YouGov America.  “This trend is particularly strong among parents with children under the age of 18. Forty-five percent of these holiday shoppers expect to indulge themselves with a personal purchase. Shopping for family and friends will increase by 17 percent compared with last year.”

Gifts on the list for that 45 percent who plan to shop for themselves included jewelry and watches at 33 percent, while 25 percent selected food, wine and spirits,  20 percent chose fragrances and cosmetics and 13 percent each chose a smartphone and art.

The survey concluded that U.S. households with incomes of between $125,000 and $150,000 expect to spend 32 percent more during this Christmas season compared with 2013, while those earning between $150,000 and $450,000 expected to spend about 10 percent less. Those households earning more than $450,000 anticipate spending 29 percent more than one year ago. Overall, the group predicted wealthy consumers would spend an average of $1,920 per family, an increase of 8 percent from 2013.

Tags: christmas, Consumer Spending, holiday, Jeff Miller, Jewelry, survey, watches
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