Two-thirds of shoppers in London prefer real stores for luxury goods.
Two-thirds of shoppers in London prefer to buy luxury goods such as jewellery and watches in stores rather than online.
A survey conducted by International Jewellery London’s ‘Luxury’ exhibition asked Christmas shoppers in central London where they preferred to purchase high end goods. Only 15% said they had brought luxury items online. 64% said buying in stores is their preferred choice.
The survey also revealed that 83% of respondents buy luxury goods for themselves, with 59% of choosing jewellery as their most desired luxury purchase.
Luxury by IJL, the fine jewellery exhibition within International Jewellery London, will run from 31 August to 1 September as part of the reformatted event taking place for the first time in Olympia, London.
IJL event director Sam Willoughby says that the findings of the London survey should be encouraging to fine jewellery brands targeting UK retailers.
“It is excellent to see that traditional retail stores are holding their own in the luxury retail sector. Also, it is really encouraging for the jewellery industry to hear loud and clear from the consumer that they perceive luxury as an accessible, must have commodity and that they give jewellery the thumbs up as their preferred choice of purchase,” she states.
Other findings from the survey include:
Over half admitted they would forgo the necessities of life to afford something luxurious and over a third admitted to buying luxury items on a whim.
19% stated that they treated themselves to luxury purchases more than twice a year.
Celebrity endorsements have little power at the luxury end of the market, with 72% of survey respondents insisting that they are irrelevant in influencing their purchasing choices.
16% felt that the reassurance and cachet of a well-known luxury brand was important when it came to buying, with 14% influenced in their choice by fashion and trends. However 31% of those surveyed believed that quality, design and ‘wearability’ were all key factors in their decision-making.
Asked to name their most treasured luxury item, 44% named a piece of jewellery or a watch, with a further 23% quoting a piece of clothing. Dogs, children, husbands and wives were also fondly named by a few, as were pieces of art and even a silver teapot.
However, it appears that most like to wear their luxuries on their sleeve for all to see. As a group they disclosed that they had spent over £1 million to acquire their own special piece of luxury – be it a designer coat, jewellery, watch, handbag, a boat or a piece of art.
Asked what piece of jewellery they would like to be given as a gift for Christmas this year, almost a third chose a ring. Earrings came a close second, with bracelets in third place.