Budget Conscious Buyers Spend Less on Cheap Jewellery but More on Diamonds
According to a survey by Visa, festive spending budgets were down approximately 33% on previous years. When once consumers looked to credit to see them through fiscally challenged festive times, 2011’s spendthrifts pulled up their socks through, saved hard and only aimed to spend what they could afford.
A key part of spending focussed around sensible investment. The jewellery industry is a great example of this. Consumer spending in the likes of Hatton Garden and Birmingham’s Jewellery Quarter indicated less inexpensive items being sold, i.e. watches, costume jewellery etc. Instead, buyers opted to spend their hard earned cash on diamond rings, loose precious gems, quality diamond earrings and so on. In investment terms, they chose to put their money into something with guaranteed long-term value.
Buying diamond engagement rings over the 2011-2012 festive shopping period was also very popular, with proposing partners choosing to put their festive budgets together with engagement ring savings in order to afford the most opulent jewels. Amazing pre-Christmas deals from jewellers like Hatton Garden’s QualityDiamonds.co.uk boosted buying power and provided the perfect festive backdrop for thousands of prospective fiancés.
Whilst the Visa survey found around 88% of shoppers intended to spend less, U.K-based voucher company, VoucherHeaven.co.uk, reported 10% of consumers had set money aside for one lavish gift (either for themselves or a loved one) Aside from happy investment in sensible long-term items, it seems the real festive winners were household pets, with pet gift budgets remaining the same or rising for 60% of consumers.