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Study: 58% of consumers unsure about spending

Improvement in economy would spur non-essential purchases such as fine jewelry, watches

April 07, 2009

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Paso Robles, Calif.--A recent study by the Jewelry Consumer Opinion Council (JCOC) shows that consumers still are hesitant to spend money on non-essentials in this uncertain economy.

Conducted from March 27-31, the survey asked 666 of the JCOC's U.S. panelists to flesh out their feelings about their current economic situation.

When asked when they will start purchasing non-essential products and services again, such as fine jewelry, new cars and vacation/personal travel, 58 percent said they don't know when this will occur, while 15 percent said it would be more than a year before they start buying such items again.

Meanwhile, 10 percent of respondents said they would start buying non-essential products and services in the next six to 12 months.

The main reason consumers are holding back on non-essential spending is because they are worried about the economy (24 percent), while 20 percent cited uncertain cash flow and another 16 percent said they had too much debt, according to the study.

What will get consumers spending on extras again, such as fine jewelry and vacation/personal travel, is improvement in the economy (23 percent), paying off debt (22 percent) and a drop in the cost of living (12 percent).

Unfortunately for retail jewelers, the survey shows that when consumers do loosen up their pocketbooks, fine jewelry is not the first thing on their to-buy lists. According to the survey, 19 percent of respondents will spend first on vacations, followed by home furnishings and dining out (13 percent). Buying fine jewelry, high definition televisions and items for their children all came in at 5 percent, while 1 percent or less will opt to buy fine or fashion watches.
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