A recent study from Platinum Guild International USA looks into fine jewelry buyers’ motivation for purchasing.
Asked for whom they purchased jewelry in the past two years, 50 percent of survey respondents said themselves.
Out of those self-purchasers, 47 percent noted they made the purchase “just because,” while 32 percent said they gifted themselves for a major milestone birthday.
Seventy-three percent of the self-purchasers were women, compared to 37 percent who were men.
PGI also gained insights on those who purchased fine jewelry for other people.
When buying for others, 57 percent of respondents purchased fine jewelry for anniversary presents, 33 percent for Valentine’s Day, 21 percent for an engagement, 20 percent for a milestone birthday, 18 percent for Christmas or Hanukkah, and 18 percent “just because.”
Of women who purchased pieces for other people, 32 percent had purchased gifts for their mothers and 31 percent gifts for their significant others or spouses.
Men, meanwhile, overwhelmingly purchased jewelry for their significant others or spouses (74 percent) if not self-purchasing.
PGI revealed that 63 percent of Generation Z consumers surveyed had purchased jewelry for themselves within the last two years, compared with 45 percent of Millennials, Gen Xers and Baby Boomers.
“We are seeing strong growth in female self-purchasers in this round of research,” noted PGI USA President Jenny Luker.
“This sector of the market continues to increase, creating a greater opportunity for the jewelry industry to focus more resources on speaking to women directly. Women are buying handbags and shoes for themselves, some at considerable price points, and jewelry needs to be higher in their consideration set.”