From Christmas to Saint Valentine’s Day

U.S. chain stores reported their worst indicators for January sales since 1970. According to Pam Danziger, President of Unity Marketing, luxury consumers’ attitudes, strongly influenced today by a lack of confidence in the country’s leadership, will translate into cautious spending on luxury indulgences at least through the November elections.
This was particularly true about consumers with incomes under $150,000.

“The ‘trading up’ consumers will turn to pleasures from ‘little luxuries.’  So instead of buying a new Gucci handbag, they will get their Gucci thrill from the latest perfume,” Danziger said.  “They will shop sales and discount racks, and turn to the Internet to find luxury fashions for less.”
Danziger notes, however, that luxury marketers can still find opportunities in today’s downbeat economic climate. In particular, this year might prove an excellent time for American fashion designers both at home and abroad.
The second important holiday for the jewelry industry this year is Saint Valentine’s Day (at least in the U.S.A.).

According to the annual survey performed by Jewelry.com, more than half of women said they were dreaming to get a diamond gift. Rubies preferred by 16% of those surveyed took the second place in terms of vogue.
The most popular reply to “What in your opinion is the best gift for Saint Valentine’s Day?” was “jewelry.” Almost 30% of women stated in the past they turned to self-gifting on this holiday. In 90% of cases, their gifts were pieces of jewelry.

The third annual survey timed to Saint Valentine’s Day by Discover Card proved that 34% of those surveyed (46% of males and 23% of females) had in their minds jewelry pieces as gifts to be given, while 22% stated they would like to receive a jewelry gift (13% of males and 30% of females).
Men who planned to purchase a Valentine’s Day gift indicated they intended to spend an average of $98.20 on their significant other (down from last year’s average of $100.10), while women said they planned to spend an average of $54.20 (as compared with $51.20 last year).

Single people intended to spend on Valentine gifts more than their married counterparts did.  About 85% of respondents prefer to shop for a Valentine’s Day gift in a store while only 22% do their shopping online.
As it was stressed by Jewelry.com, female expectations for this holiday will remain mostly unsatisfied.  According to Virginia Halevi, Editor-in-Chief of this popular site, it seemed Cupid was more budget-conscious than ever this year. “Each year, the survey shows the disconnect between expectations and reality, but this year, what really surprised us is that women have lowered their financial expectations - even on Valentine’s Day. They many want diamond jewelry, but they want cost-conscious diamond jewelry.”

According to the U.S. National Retail Federation survey, the average consumer looked more prodigal than in the Discover Card’s survey and was ready to spend $122.98 on this Valentine’s Day (similar to last year’s $119.67). Total holiday spending this year was expected to reach $17.02 billion.
Traditional gifts (such as candy, flowers and jewelry) slightly cringed this year with more consumers preferring gifts of experience and gift cards (more than 12% compared to 11.3% last year).
Adults aged 25-34 planned on spending the most this year ($160.37 on average), while those 18-24 year old were expected to be the second biggest spenders ($145.59).