High Earners Will Spend More

by Ellen Fruchtman, President

By now you should be sick of polls, but here’s a study you may want to pay attention to. A company called AKI recently did a study of 3,000 U.S consumers called Four Things Every Advertiser Needs to Know This Holiday Season. If you are a fine jeweler (which you are), you’ll be happy to hear the findings.

Here is what was most recently reported by Ray Schultz in MediaPost:
1. Two out of three high-income consumers expect to spend the same or more on holiday shopping this year than they did in 2019. We’re already seeing that trend looking at September and October sales for many retail jewelers.
2. High earners are 20% more likely to spend more or maintain.
3. 82% plan to do some of their shopping in brick-and-mortar stores, and they seem to crave this experience. Of those polled, 36% want the tactile experience. As we know, people want to see and feel fine jewelry in-person. Nice to see this backs that theory up!
4. 61% of the high earners will make purchasing decisions prior to visiting retailers, and they are less likely to browse in stores. Again, your website is critical as is your photography and making sure you have current inventory. They do want to make sure there are no in-store crowds and that you are practicing some level of social distancing.
5. There is an opportunity for educating those consumers on products via email, websites, and other channels.
6. 25% of higher-end consumers say they are looking for ideas for holiday gifts. Consider texting some of your best customers with suggestions. Make sure your emails include best sellers for this buyer.
7. Worried about Black Friday? 39% say they don’t see online as a viable alternative to the Black Friday experience in stores. Black Friday isn’t just about the deals.