For months it seemed that inflation and rising costs have affected purchasing decisions of most customers while leaving the luxury industry untouched. New research by the Plumb Club shows that these financial pressures on consumers are beginning to affect the luxury market, as well. 30% of luxury consumers, their research finds, are looking for deals or promotions when shopping for jewelry. But it’s not all bad news, as 20% say they will spend the same amount they were spending before and 26% will only spend a little less.
As for how shoppers are finding and choosing jewelers, retailer websites are just as important as word of mouth from family and friends, with 39% of respondents saying that retailer websites influence their purchases the most and another 39% pointing to friends and family. When it comes time to make a purchase, 42% of respondents choose an independent or local jeweler. About half that number chose a national jewelry chain.
Though oval shapes are gaining some ground, the round brilliant continues to be the most popular diamond shape for an engagement ring. About 10% of brides choose a stone other than a diamond for their engagement ring. Customers are spending on average $5373 on engagement rings, about $4000 more than they spend on the average non-bridal/engagement purchase.