To answer the need for the latest information in trends in the jewelry and watch market, Unity Marketing is to undertake a major new consumer insights study. The focus of the investigation will be to understand the mindset of the consumer and their willingness to spend. It will explore what type of jewelry and watch products people buy, what kinds of metals and gems they prefer, how much they pay for the different types of products, where they like to shop for jewelry and watches and the key factors that influence them to buy, such as designer, fashion or style, materials, price, value, and others.
This research initiative will focus specifically on the needs, desires, and passions of jewelry and watch consumers. Company sponsors are needed to support this research effort. Those who will benefit most by sponsoring this study include:
Jewelry and watch product companies,
Jewelry retailers, including internet and direct marketers, and
Advertising and branding companies.
The insights gathered will help discover new marketing opportunities for their products and ideas about increasing distribution through traditional and non-traditional means. This study will use Unity’s exclusive ‘why people buy’ market research strategy that combines qualitative and quantitative research methodologies.
Not long ago, the consumer market for jewelry and watches was golden. But in the current recession, the jewelry and watch market has tarnished. Just one example is Tiffany — The company’s net sales during the first half 2009 dropped 19 percent overall, with sales in the vital U.S. market down a whopping 30 percent for the first half of the year. In an effort to reduce dependence upon the jewelry market, the company recently acquired Lambertson Treux, a leather goods company known for luxury handbags and other leather goods.
“Jewelry retailers and marketers are challenged by rapid shifts in the consumer market. The companies were caught unawares by changing consumer sentiment and now need to find a new direction,” explains Pam Danziger president of Unity Marketing and internationally-recognized authority on the luxury consumer market. “Focused, action-oriented consumer research is the key.”
Market research, which helps companies track changes in the attitudes and mindset of the consumer, can provide marketers with guidance about future changes in shopping behavior. “With the right research tools, marketers can get out in front of changes taking place in the consumer market and develop new products and marketing and branding programs that align with the new consumer mindset.
“Jewelry and watch marketers face challenges as consumers change their preferences in items purchased, materials of composition, and retailers frequented. Unity Marketing will conduct a new in-depth study of the jewelry and watch market to help marketers predict the future of their market and their businesses,” says Danziger.
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