LONDON, June 10, 2020 /PRNewswire/ -- As consumers in the
US reassess their purchasing behaviour in light of the COVID-19
pandemic, gifts that are meaningful and that retain their value
will be the priority as people emerge from lockdown, according to
new research undertaken over the past nine weeks by De Beers
Group.
The research demonstrated that lockdown had made many consumers
feel grateful for things they used to take for granted, such as
spending time with family, and that this would influence their
purchasing and gifting behaviour in future.
When it came to gifting and in particular looking forward to the
holiday season, 56 per cent of respondents felt gifts should be
meaningful, over and above being practical, functional or fun.
Diamonds were seen as the top gift for symbolising intimacy,
connectedness and love among both men and women, with the primary
desire for purchasing being a reflection of gratitude and
acknowledgement during the current crisis.
Ninety per cent of respondents said that choosing gifts that
hold their value over time would be an important consideration this
holiday season, and more people chose diamonds as the top choice
for a gift of this nature from a list of luxury items including
designer clothing and accessories, electronic devices, a piece of
furniture, or other jewellery.
The findings are the first in a series of Diamond Insight
'Flash' Reports that De Beers Group will publish to share insights
regarding the evolving consumer perspective and what it means for
diamonds as the world passes through the stages of the COVID-19
crisis.
Other findings from the first report published today
include:
- Around two-thirds of the consumers polled indicated their
personal finances have not been affected by COVID-19.
Three-quarters of consumers said that COVID-19 had not impacted
their likelihood to purchase diamond jewellery and the majority of
respondents continued to wear their diamond jewellery during
lockdown because it made them 'feel connected to someone'.
- Consumers felt safest shopping for jewellery online; however,
they clearly distinguished local independent jewellers as the best
source for knowledge and product quality, as well as being
considered the safest of all the physical outlets for jewellery
shopping.
- Forty-five per cent of respondents said that they would seek to
buy fewer, better things when considering clothing and jewellery
purchases after the lockdown.
- Consumer preference for travel continues to show a declining
trend, with 39 per cent of consumers saying it will be seven to 12
months before their travel spending stabilises.
Bruce Cleaver, CEO, De Beers
Group, said: "The COVID-19 crisis and associated lockdowns have
caused people all around the world to re-evaluate aspects of what's
important in their lives and have reinforced the value of personal
relationships. While consumer confidence and spending has been
significantly impacted in the US, this research highlights that
diamonds will nonetheless have a unique role to play in people's
lives in a post-lockdown world as they seek to celebrate their most
meaningful relationships. While it will take some time for the
market to recover fully, we hope these insights will assist large
and independent jewellery retailers alike to understand the
evolving consumer perspective as we move through and emerge from
the crisis."
Notes to Editors
The first De Beers Group COVID-19 Diamond Insight 'Flash' Report 1
is available to view here.
Contact
Press office
Tel +44 (0) 20 7430 3434
pressoffice@debeersgroup.com
About De Beers Group
Established in 1888, De Beers Group is the world's leading
diamond company with expertise in the exploration, mining and
marketing of diamonds. Together with its joint venture partners, De
Beers Group employs more than 20,000 people across the diamond
pipeline and is the world's largest diamond producer by value, with
mining operations in Botswana,
Canada, Namibia and South
Africa. Innovation sits at the heart of the De Beers Group
strategy as it develops its portfolio of brands, including De Beers
Jewellers and Forevermark, and other pioneering solutions, such as
recently launched diamond sourcing and traceability initiatives
GemFair and Tracr. De Beers Group employees are committed to
'Building Forever,' a holistic and integrated approach for creating
a better future – one that is fairer, safer, cleaner and healthier;
where safety, human rights and ethical integrity continue to be
paramount; and where communities thrive and the environment is
protected. De Beers Group is a member of the Anglo American plc
group. For further information, visit
www.debeersgroup.com
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SOURCE De Beers Group