Jul 15, 2020

US Study Indicates Strong Pent-up Demand For Silver Jewellery Post Covid-19

Silver Promotion Service (SPS), a sister concern of the Silver Institute, a silver promotion body, announced the results of a US consumer research study showing pent-up demand for jewellery, as well as intent to buy silver jewellery following the Covid-19 pandemic and quarantine.

The study was conducted by research firm MVI Marketing. Of the jewellery consumers surveyed, 64% indicated that they still plan to purchase the jewellery gifts and self-rewards that they wanted during quarantine and 50% of those intending to buy “just because” indicated that the jewellery purchased would be silver. Key characteristics when selecting silver jewellery were identified by respondents as versatility, affordability, design and elegance. It indicated that there is a high likelihood of self-purchase for silver jewellery indicated across a variety of celebratory occasions. A significant percentage of these consumers indicated that they plan to purchase between 1 and 4 pieces of jewellery.

The study focused on 511 US jewellery consumers mainly 25-40 years of age, with Herfindahl-Hirschman Index (HHI) above $50,000 for singles and above $75,000 for couples, who have purchased fine jewellery valued over $200 in the past two years.

Credit: Silver Promotion Service