JCOC: Valentine's Day Jewelry Expectations Don't Live Up to Reality

It was not, it seems the year for celebrating Valentine's Day with jewelry. At least that's the conclusion of the Jewelry Consumer Opinion Council (JCOC) who recently released their Valentine's Day 2006 focus. Expectations of a jewelry rich Valentine's Day ran high before February 14, with 28.1 percent of the JCOC's panel claiming that they would purchase a fine jewelry gift. But in reality, the number who actually followed through on their intentions was only 15 percent.

For those who did buy jewelry, earrings and bracelets were the most popular choices. Earrings led the field, accounting for 31.9 percent of purchases. Bracelets were the gift of choice for 24.1 percent of those surveyed, followed closely by necklaces and fashion rings, with 21.6 percent of consumers choosing these products.

In terms of materials, precious metal with no diamonds or gemstones was favored by more than one third of respondents (37.1 percent), though 30.6 percent of the market went the traditional diamond route.

Proving the trend pundits right, yellow gold was the overwhelming setting of choice for almost half of those surveyed (49.6 percent). White gold was also a popular choice, with 25.4 percent as was sterling silver, with             21.6 percent opting for this material. Platinum, however, was the material of choice for only 7.8 percent of respondents, only slightly higher than the 7.3 percent who chose stainless steel jewelry; an encouraging sign for purveyors of alternative metals.

The JCOC survey also asked for whom the jewelry was intended. Once again, it seems that intentions don't always match actions. Before Valentine's Day rolled around, 87.6 percent said that they would buy a fine jewelry gift for their spouse or significant other. In reality, only 79.3 percent of people followed through on this promise; leaving some disappointed partners in their wake.

For retailers though, one of the important findings of the survey – building on past JCOC Valentine's Day research – is the number of parents who want to purchase fine jewelry for their children on Valentine's Day. In this category, the number who made such a purchase, 36.2 percent, slightly exceeded the 35.6 percent who said that they would do so when asked before the holiday. The JCOC calls this category "an excellent – though largely overlooked – opportunity."

More than one quarter of respondents (26.1 percent) spent $101 - $200, making it the dominant price point. However, the $51 - $100 price range was more popular than expected. Nevertheless, there is greater opportunity in the $201 - $300 price range than retailers realized this year; 18.9 percent planned to spend that much – versus the 15.7 percent that actually did. A factor retailers should take into account for Valentine's Day 2006.

In addition, the greatest number of respondents bought from national or regional chains (23 percent) -more than originally indicated would buy at those outlets. But a comparable number bought from independent jewelers (20.4 percent.) Mass discount stores - a big factor in Christmas sales - claimed only 12.35 of the market, possibly because many think that a mass discounter is not romantic enough for Valentine's Day.