JCOC study indicates a reduced holiday shopping

The Pre Holiday study conducted by Jewelry Consumer Opinion Council (JCOC), a consumer research division of MVI Marketing Ltd. indicates reduced purchase numbers across all categories, hinting at a significant and broad based pull back by consumers. “The results showed a similar pattern that has been observed over the past three years," stated Martin Hurwitz, MVI Marketing's CEO who goes on the say, "most numbers were lower in the amount people think they will be spending for entertaining, travel, home improvements and gifts over the holiday season."

The number of consumers likely to buy jewellery in the season has dipped from 14 percent to 11 percent, which otherwise has shown a steady growth each year from 2002 to 2007. The study highlighted that category-wise, earrings, necklaces and bracelets were on the purchase list for women’s jewellery and dress watches topped the men's list. Fifty percent of the panelist stated they would spend about the same on jewellery gifts, but when asked to list the approximate amount they would spend, the number is lower than last year.

Consumers showed a preference to purchase at chain and local independent jewellery stores; the choice of department stores dropped to third slot from second place last year. A considerable discount marketing message in the chain store marketplace may be driving consumers back to these outlets. The study was conducted in October 2009.

MVI Marketing Ltd. is the Consumer Market Research Company for the gem, jewellery and watch industries worldwide providing market intelligence, strategic direction, and research about the industry and the consumers who purchase the product though its Jewelry Consumer Opinion Council (JCOC).