Coronavirus: Stay-at-Home Consumers More Likely to Buy Diamonds
August 23, 20
(IDEX Online) - Consumers in the US now have more disposable cash for diamond purchases, having canceled vacations and other "experience" spending, says De Beers.
Almost half (44 per cent) of the 500 adults surveyed said coronavirus had freed up their savings, and over two thirds said they had money available that had been earmarked for flights and accommodation.
One in eight who had canceled travel plans said they would choose diamonds instead to mark a special occasion.
De Beers was researching US consumer opinion in the face of the pandemic for the third of its monthly Diamond Insight Flash reports.
The report also found that 46 per cent of those questioned felt optimistic about the next three months, despite the pandemic and looming presidential elections. Six out of 10 said COVID-19 hadn't affected their personal finances.
Bruce Cleaver, CEO of De Beers Group, said: "As some consumers find themselves with additional discretionary income as a result of spend in other areas such as travel being cancelled, there is potential they will allocate this to alternative purchases, creating something of a unique opportunity for diamonds.