De Beers will publish a series of Diamond Insight “Flash” Reports sharing insights regarding the evolving consumer perspective and what it means for diamonds as the world passes through the stages of the COVID-19 crisis and these findings are first in the series.
According to the new research published by De Beers Group, purchasing behavior of the US consumers will change; inclining more towards meaningful gifts with enduring value as people are emerging from lockdown. The research further highlighted that the purchasing behavior of the consumers changed due to lockdown which forced people to rethink and made them feel grateful for things they used to take for granted, such as spending time with family.
When it comes to gifting, 56% of respondents stressed on meaningful gifts over practical, functional, or fun. Diamonds were seen as the top gift, as they symbolize intimacy, connectedness, and love among both men and women. Ninety percent of respondents emphasized, on the value of gifts over time would be an important consideration during the holiday season. Diamond would be the most preferred gift from a list of luxury items including designer clothing and accessories, electronic devices, a piece of furniture, or other jewelry.
According to the research report, the majority of the respondents polled, continued wearing their diamond jewelry during lockdown because it made them ‘feel connected to someone’. Three-quarters of consumers admitted that COVID-19 had not influenced their likelihood to purchase diamonds. And two-third of the consumers indicated their finances were not affected due to the pandemic.
Consumers feel safe while shopping jewelry online but local jewelers are still considered as the best source of knowledge, product quality, and safest of all the physical outlets for jewelry shopping.
Forty-five percent of respondents preferred fewer and better buying when considering clothing and jewelry purchases after the lockdown.
Thirty-nine percent of respondents opined of traveling less, about seven to twelve months before their travel spending stabilizes.
“ The COVID -19 crisis and associated lockdowns have caused people all around the world to re-evaluate aspects of what’s important in their lives and have reinforced the value of personal relationships. While consumer confidence and spending have 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. While it will take some time for the market to recover fully, we hope these insights will assist large and independent jewelry retailers alike to understand the evolving consumer perspective as we move through and emerge from the crisis.”- As quoted as said by Bruce Cleaver, CEO, De Beers Group.
