(PRESS RELEASE)HONG KONG AND NEW YORK — International shopper markets similar to the USA, China, and India are steadily recovering from the COVID-19 pandemic, with luxurious consumers exhibiting larger optimism and improved shopper sentiment throughout all classes, particularly treasured platinum jewellery. 2,000 shoppers who’ve purchased and count on to purchase treasured jewellery, aged between 18 and 65, have been interviewed in Platinum Guild International (PGI)’s 4 key markets – the USA, China, India, and Japan. There’s a rising demand for treasured jewellery in key markets, significantly amongst Millennials and Technology Z shoppers, based on the most recent shopper survey commissioned by PGI throughout Q3 2021.
Stronger willingness to spend on treasured jewellery in Q3 2021
The vast majority of shoppers throughout the US, China, and India, displayed stronger willingness to spend on treasured jewellery throughout Q3, in comparison with the earlier quarter. In Q3, 78% of Chinese language, 68% of Indian and 63% of American shoppers plan to keep up their present spending or improve spending ranges on this class, in comparison with 72%, 60% and 60% in Q2, respectively.
Platinum will get extra consideration amongst youthful shoppers in a number of markets
When requested about most popular supplies for various sorts of treasured jewellery the buyer wish to buy or obtain, an elevated desire for platinum is noticed in some product classes in Q3 amongst younger girls within the US, China, and Japan. Within the US, desire for platinum engagement rings amongst girls aged 18-30 and 31-45 rose to the best ranges in contrast with the earlier three quarters, at 34% and 49%, respectively.
Millennials and Gen-Z shoppers are the driving pressure of future purchases
Commercial
Youthful shoppers, similar to Millennials and Gen-Z, would be the driving pressure within the treasured jewellery market. Not solely as a result of they’re the core shoppers for bridal jewellery, based on the survey, extra shoppers aged 18-45 have plans to purchase non-bridal treasured jewellery within the subsequent quarter and inside the subsequent yr, both for themselves or for gifting.
“The third-quarter shopper survey exhibits a stronger willingness of shoppers throughout three main markets to spend on treasured jewellery, particularly when items are related to an emotional connection. Additionally, Millennials and Gen-Z shoppers, who’re main the long run market progress, have given extra consideration to platinum to specific their worth and have fun particular moments and cherished relationships. This creates an thrilling alternative for the jewellery {industry} to grab”, stated Zhenzhen Liu, Director, International Company Advertising of PGI.
“We proceed to see progress of the demand for platinum jewellery, quarter after quarter, in 2021”, shared Jenny Luker, President of PGI USA. “This sustained upward exercise as we transfer into the all-important vacation season ought to guarantee retailers that the demand for platinum jewellery is clear and they need to put together their stock accordingly to fulfill shopper demand.”
