When I say luxury jewelry I’m sure brands like Cartier and Rolex come to mind. The luxury jewelry market is positioned differently due to the behaviors and shopping patterns of the very wealthy, or at least those who spend a great deal on a piece of jewelry or a watch. According to a study by JCK Magazine that partnered with W Magazine, the high end shopper does things a little differently than the median priced shopper. I found this information particularly interesting because who doesn’t want to attract a high end shopper? It would be fun just to watch them in action.
The research has shown that the middle market, that probably propelled the economy before the recession, has disappeared and the high end shopper has apparently been picking up the slack. The high end customer is still spending money and still sticking to purchasing what they like best. Gold is still hot even though the price per ounce has skyrocketed. The high end shopper buys what they want, not what is considered a good deal. Not that they don’t love silver, it has a high fashion look that is adored by both high end shoppers for its fashion appeal and median priced shoppers for its value. Although high end shoppers look for stylish and fashionable pieces when shopping in silver, the look of a piece was more important than the price.
What I found interesting was the statistic that 46% of high end shoppers were comfortable with purchasing without spousal approval. Also, the more money you made the more you purchased independently, 57% of higher incomes made their own decisions, alone. I wouldn’t dare make a purchase for jewelry without prior approval especially if it was an expensive piece. This isn’t because I’m scared of the wrath of my husband; it’s more of a courtesy. I wouldn’t want him to go out and spend thousands without my knowing. Besides, when making a large jewelry purchase it’s best for your spouse to be around, that way he knows he did something special for you and it gets him a bit closer to whatever he was planning on purchasing.
Another interesting statistic is that high income purchasers wear their fine jewelry all the time. I wear my fine jewelry all the time; does this make me a high end shopper? It’s silly to purchase a beautiful piece of jewelry and then let it gather dust in a jewelry box or safe. If I purchase something extra special I want to wear it, that’s why I bought it. I hear from people all the time who admire my jewelry but always end it with, “but I don’t have anywhere to wear it.” It’s pretty jewelry, how can you not have anywhere to wear it, I would wear it to the grocery store and I do. My only problem is I don’t have enough fingers and ears to wear what I love everyday. So while we don’t have to shop like a luxury shopper we can still behave like one, wear your fine jewelry everyday and buy something without your spouse’s approval, after all, they didn’t say how much you had to spend.