With an air of uncertainty hanging over the Christmas trading period this year, a number of jewellery brands have told Professional Jeweller that the average spend of consumers has shown promising growth in the months since lockdown, even if footfall has not yet returned to pre-pandemic levels.
Jewellery brand UNOde50’s UK & Ireland sales director, Emma-Louise Gregory, explained: “So far, a lot retailers are noticing that higher price point items such as diamonds and watches have increased in sales. With UNOde50, consumers are purchasing not just one item but a whole set.”
WOLF specialises in storage for jewellery and watches like safes and travel cases. Managing director, Simon Wolf, added: “Stores towards the higher end of the spectrum are far more optimistic.”
Maria Carola Picchiotti of Picchiotti also believes that big spenders will be out in their droves. The company is therefore betting that consumers will be looking to buy what it calls ‘investment pieces’.
Hot Diamonds’ Adryan Cresswell, meanwhile, terms the phenomenon “lower but higher quality footfall”, adding: “Those who travel to shopping centres and high streets will be serious shoppers and in-store conversion rates will be higher than in previous years.”
As for the reason for this trend, Simon Wolf says: “Consumers were all stuck at home, many still being paid full salary – that type of customer is ready to buy, or never really stopped from what we experienced, and their appetite has been the same or larger as they haven’t been spending money on eating out, entertainment or holidays.”
UNOde50’s Gregory similarly theorised: “I believe this is down to people feeling they deserve to treat themselves after being stuck indoors for so long, meaning that average spend is higher when they do hit the shops. They may not be shopping often, but when they do they buy more.”