A research conducted among 500 Americans aged 18 and above found that 44% of consumers had more disposable cash due to the cancellation of travel, dining or other experiences during the year, according to De Beers.
The group released the third installment of its Diamond Insight Flash Report series, which noted that in the absence of travel, one in eight consumers said they would instead choose diamonds to mark a special occasion.
The report looks at the consumer perspective in the US and how it continues to evolve as the country progresses through the stages of the Covid-19 pandemic.
De Beers said it found that although consumer confidence was relatively fragile on the whole compared with previous research waves – largely due to the increased spread of the virus and uncertainty regarding the upcoming presidential election – the latest research found that 46% of consumers had an optimistic outlook on life overall for the next three months.
More than 60% of the consumers said the pandemic had not affected their personal finances, while 46% said their jewellery spending was back to normal, with a further 25% expecting it would normalise in the next six months.
“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,” said De Beers chief executive Bruce Cleaver.
“As a product that can be both experiential and meaningful, diamonds fill the temporary void left by travel in the way few other luxury products can.”
He said diamond marketing themes that highlight these attributes are likely to be particularly well received by consumers who have additional money to spend due to their lack of spend on travel, and are looking to create a special gifting experience this holiday.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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One in eight US consumers will choose diamonds to mark a special occasion in absence of travelling – De Beers
