Male Jewelry Sales Are Fastest Growing
Influenced by the global economic downturn, the luxury market was not spared hit hard. But since 1997, male jewelry market has unexpectedly doubled. The founder of Unity Marketing, Pam – Danziger said, men buy jewelry, suggesting that they began to pay attention to their appearance. This is a necessary strategy in the current competitive environment, The U.S. Times reported on July 26.
According to the “Personal Luxury Report 2010”, published by marketing firm Unity Marketing, the expenditure of men spend on jewelry has accounted for 20% of the high-end jewelry consumer market. From 2007 to 2009, women jewelry purchases increased 6.5%, while the male jewelry purchases increased by 10 percent over the same period. There is 20% of consumption from the United States; the average income is about $ 220,200.
The report also found that most men bought themselves jewelry. Danziger said: “Male jewelry is not very hot gift choice, many times, not wife buy jewelry for her husband, men buy jewelry on his own initiative, because they like to have one.” The report also shows that men under the age of 40 are the fastest growing luxury brand consumer groups. The concept of “masculine men do not need to wear jewelry” has become obsolete in today’s “urban charm man” era.
Ring jewelry sales make up close to 50 percent of the male jewelry sales, including the wedding rings. The fastest growing jewelry sales are bracelets and necklaces, which are 23% and 21% respectively, but the fourth for the cuff links. All male luxury-goods sales are increasing, from clothing and watches to briefcase. Jewelry is just one of them .
In contrast the booming of male jewelry market with the decay of whole jewelry industry, men prefer to go to discount stores, department stores, luxury discount stores to buy jewelry. Over the past three years, male ring sales had expanded quickly, especially in New York, Dallas, San Francisco and Miami and other places. Many male stars advertise for luxury jewelry, makes male ring sales become more popular.
Although male jewelry market is booming, most men prefer to buy jewelry within $ 1,000, but the high-end jewelry market growth is slow. Though this trend should be encouraged, but during the economic downturn, luxury goods sales are still discouraging.
Comfortingly, not just the rich spend money on jewelry, men go to H & M and other store to buy jewelry becomes a trend. During the global economic downturn, men do not waste limited resources on buying clothes, but show their personality through this jewelry. They knew the truth of economic decline, so they like to buy jewelry which under one thousand dollars. At the end of the economic recession, men buy jewelry to show that they begin to rebound from the economic downturn.
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