27 Oct 2020
DiamondWorld Directory
Home |
News
Home
Diamonds have Unique Potential to Capture Consumer Spend Previously Allocated to Travel
De Beers Group’s third Diamond Insight ‘Flash’ report explores opportunities for diamonds as consumers reallocate discretionary spend
By: Diamond World News Service
|
Aug 21 2020 1:19PM
|
Reference: 25109  

DecreaseIncrease

De Beers Group today released the third instalment in its Diamond Insight Flash Report series, which looks at the consumer perspective in the US and how it continues to evolve as the country progresses through the stages of the Covid-19 pandemic.

The latest report includes a focus on consumer discretionary spend including the potential for diamonds to capture luxury market share in light of the current reduction in travel spending, which has been the key competitor to diamond jewellery in recent years, particularly for the Millennial share of wallet.

The latest round of research, conducted among 500 Americans aged 18 and above, found that 44% of consumers had more disposable cash due to the cancellation of travel, dining or other experiences during the year. When it came to travel specifically, more than two-thirds of Americans had cancelled travel plans for 2020 and of those, 55% found themselves with extra money as a result. In the absence of travel, one in eight consumers said they would instead choose diamonds to mark a special occasion.

The report also looks at how consumer confidence has changed since De Beers Group started this research in March. While consumer confidence was relatively fragile on the whole compared with previous research waves – largely due to the increased spread of the virus and uncertainty regarding the upcoming presidential election – the latest research found that almost half (46%) of consumers had an optimistic outlook on life overall for the next three months and more than 60% said the pandemic had not affected their personal finances. In addition, 46% said their jewellery spending was back to normal, with a further 25% expecting it would normalise in the next six months.

 Bruce Cleaver, CEO, De Beers Group, said: “As some consumers find themselves with additional discretionary income as a result of spend in other areas such as travel being cancelled, there is potential they will allocate this to alternative purchases, creating something of a unique opportunity for diamonds. As a product that can be both experiential and meaningful, diamonds fill the temporary void left by travel in the way few other luxury products can. Diamond marketing themes that highlight these attributes are likely to be particularly well received by consumers who have additional money to spend due to their lack of spend on travel, and are looking to create a special gifting experience this holiday.”

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
HouseAd_Trade Fair
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2020
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 27614
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 2363
GJEPC Chairman Interview
Views: 24441
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 31993
Promo for IJ Awards 2012 at NDTV Profit
Views: 46216
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 58468
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18829
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 44979
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 43167
Advertisement
GIA_2020
Advertisement
Kosher 250300
Member of:
Supporter of: