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Consumers Seeking ‘Meaningful’ Gifts – De Beers

Jun 11, 2020 6:04 AM   By Rapaport News
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RAPAPORT... More than half of US consumers think holiday gifts this year should be meaningful, and see diamonds as the top representation of that notion, according to a survey by De Beers.

Some 56% of both men and women believed a meaningful gift was a better choice than one that was practical, functional or fun. Respondents also classified diamonds as a gift that symbolized intimacy, connectedness and love. Additionally, 90% of those surveyed felt it was important to give a present to a loved one that holds its value over time, with more people choosing diamonds as that gift.

“The Covid-19 crisis and associated lockdowns have caused people all around the world to reevaluate aspects of what’s important in their lives, and have reinforced the value of personal relationships,” De Beers CEO Bruce Cleaver said Wednesday. “While consumer confidence and spending has been significantly impacted in the US, this research highlights that diamonds will nonetheless have a unique role to play in people’s lives in a post-lockdown world as they seek to celebrate their most meaningful relationships.”

Three-quarters of consumers said Covid-19 would not impact their likelihood to purchase diamond jewelry, while the primary reason consumers chose for giving diamonds as a holiday gift was to acknowledge and thank partners and mothers during the coronavirus crisis.

Of those purchasing diamond jewelry, the majority felt safest shopping online. Consumers who would shop in a physical establishment considered independent jewelers to be the safest by a large margin, the survey found.

Meanwhile, 75% of respondents were optimistic about their financial situation over the next three years, with two-thirds saying their financial situation had not been affected. Some 45% of shoppers said they were more likely to purchase fewer, better things.

De Beers collected the data over the past nine weeks, completing the survey on May 25. It aims to understand and monitor consumer perspective in relation to the Covid-19 pandemic.

Image: A couple holding hands. (De Beers)
Tags: Bruce Cleaver, COVID-19, De Beers, Rapaport News
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