Paso Robles, CA–(HISPANIC PR WIRE – BUSINESS WIRE)–February 18, 2005–There are 39 million Hispanic consumers in the US, and according to a recent online research study conducted by the Jewelry Consumer Opinion Council (JCOC) they are willing to spend large amounts of money on jewelry. The comprehensive study, entitled The Hispanic Jewelry Market in the USA: The Hidden Giant, brings to light the fact that the Hispanic jewelry market is an untapped market of tremendous potential. Almost 75 percent of respondents said they already own fine jewelry, and more than 45% of them will spend more than $500 on a fine jewelry purchase in the next twelve months. These numbers add up to one thing — opportunity. The Hispanic market is the fastest growing consumer group in the country, and their jewelry-buying habits indicate that their love for fine jewelry will continue to fuel significant growth this year and in the future.
Not surprisingly, the study indicated that as income increases, the likelihood of fine jewelry ownership increases, although all income groups have high purchase intent across a wide variety of price points. The survey covers fine jewelry buying habits, attitudes and expectations, as well as where they shop, why they buy and how much they have spent and plan to spend — all valuable information that can help the industry shape a strategy to reach this important and growing fine jewelry demographic group.
While the study reveals high interest in religious jewelry within the Hispanic community, it also indicates their strong desire for diamonds and fashion jewelry — including their feelings on right-hand rings and three-stone diamond jewelry, as well as other cultural imperative gift occasions that currently remain largely unaddressed by the jewelry industry. With the continued expansion of this population segment into all geographic areas, it represents significant potential for all retailers.
The JCOC survey provides insight and understanding into the Hispanic fine jewelry consumer that retailers will need to create promotional and merchandising programs to target this group. For full details of the survey, visit http://www.jcoc.info. The JCOC can provide custom research studies on a full range of jewelry topics, and can also be reached via email at info@mvimarketing.com.
The Jewelry Consumer Opinion Council (JCOC) was founded in 2001 with the mission of providing MVI Marketing Ltd. clients with fast, efficient, effective and powerful market intelligence about their jewelry products and their respective end use consumers. The JCOC is an Internet-based, niche market research service exclusive to the gem and jewelry industries. The JCOC is made up of a sampling panel of consumers throughout North America representing all ages, genders, income levels, buying categories and geographic regions. Each year, the JCOC presents a series of industry studies that focus on a topic of special interest to the gem and jewelry industries.
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CONTACT:
For Jewelry Consumer Opinion Council
Julie Mascio, 805-239-2994 ext. 103
