New lustre for old gold: Jewelry consumers still trust the old economy. Study

When buying luxury goods such as watches and jewellery, British consumers still trust the old economy: About 70% prefer shopping at a speciality store to online because they value the personal and professional consultation they find at a jeweller’s. At the same time, nearly 40% wished that their own trusted jeweller had an online presence. These are the results of Messe  München’s 2018 INHORGENTA trend index, which analyzed a representative sample of 1,025 consumer responses in the United Kingdom.

“There’s an important message to speciality stores here: Most consumers want an even more personalised service experience,” said Stefanie Mändlein, exhibition director of Inhorgenta Munich. “69% wish for made-to-measure service”. This is an  opportunity to build upon in the digital realm, as 62% of respondents can envision a personalised shopping experience online as well. “We see this as an appeal to the industry, to better connect traditional businesses with online opportunities, and build even closer relationships with customers,” said Mändlein.

A ‘red line’ for online purchases

When a jeweller offers the choice between an online and brick-and-mortar shop, a key factor in a consumer’s decision is the price of goods. Fifty-eight per cent of those surveyed have a maximum price limit for goods purchased on the internet. For over half of the respondents (56%), the limit for online purchases is 100 euros (88 GBP). Another 28% is willing to spend up to 499 euros (440 GBP) online. However, over three-quarters of customers are interested in special insurance for shipments of watches and jewellery. Respondents also indicated an interest in a certification of authenticity, with over half saying such certificates were essential when buying luxury goods online.

 

New lustre for old gold

When choosing traditional shops, it is the jeweller’s knowledge that makes the difference, for example when appraising family
heirlooms: 67% of consumers favour personal consultation on reworking or melting down old jewellery or watches.

INHORGENTA 2018 – The world of jewellery

From 16 to 18 February 2018, the entire world of jewellery, gems and watches will be presented at the INHORGENTA MUNICH.  Along with manufacturers, designers and wholesale jewellers, the trade fair is successfully engineering the future of the industry. Around 1,000 exhibitors from 40 countries as well as around 30,000 retailers from over 70 countries will be featured on an exhibition site of 65,000 square metres.