Report: Bad time to buy jewelry, consumers say

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Report: Bad time to buy jewelry, consumers say

October 15, 2008

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Paso Robles, Calif.—Nearly 40 percent of U.S. consumers believe now is a bad time to buy jewelry, compared with about 14 percent who thought so last year at this time, according to the latest research by the Jewelry Consumer Opinion Council, a division of MVI Marketing Ltd.

According to the JCOC's September 2008 Monthly Economic Tracking Data report, which represents the findings of standardized questions the JCOC asks U.S. consumers each month about their opinions of the economy, fine jewelry and buying behaviors, those who thinks it's a good time to buy jewelry dropped from about 16 percent in September 2007 to 10 percent now.

Those who think it's neither a good time nor a bad time to buy jewelry also dropped, the study shows, from about 60 percent in September 2007 to 45 percent now.

Looking ahead, the study shows that 25 percent of U.S. consumers think it will be a bad time to buy jewelry in the next 12 months, compared with 10 percent who thought so last year at this time, while those who think the next 12 months will be a good time to buy jewelry dropped from 20 percent in September 2007 to about 12 percent now.

The number of U.S. consumers who purchased jewelry in September 2008 (9 percent) dropped slightly from those who purchased jewelry in September 2007 (about 11 percent), while the number of U.S. consumers who didn't purchase jewelry this past September (91 percent) increased from those who didn't purchase jewelry in September 2007 (about 88 percent).

When asked about overall business conditions, 84 percent of U.S. consumers think conditions are worse now than a year ago, compared with 40 percent who thought so last year at this time, the study shows.

The JCOC's September 2008 Monthly Economic Tracking Data report was completed by a minimum of 2,000 respondents who represent a cross-section of U.S. consumers of all ages, income levels, etc.

The JCOC offers an Internet-based, niche market-research service exclusive to the gem, jewelry and watch industries. Composed of a sampling panel of consumers throughout North America and Canada, the JCOC represents all ages, genders, income levels, buying categories and geographic regions.

For more information about the JCOC, visit its Web site, JCOC.info.

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