The results of the survey were released by the company’s CEO, Bruce Cleaver, who delivered the keynote address at the Luxury by JCK virtual forum on August 10. In his presentation, he shared key insights for the diamond trade in advance of the upcoming holiday gifting season.
The research surveyed 2,800 men and women aged 20 to 65 with household incomes of at least $75,000 in the United States, and a similar demographic in China and India. It looked at a range of consumer indicators, including how they were feeling in the current environment, gifting intentions for the holiday season, and preferences for engaging with brands and retailers over the coming months.
The intention to purchase diamond jewellery during the upcoming festive season was high across all markets, the research revealed. In the United States, almost 60 percentof men surveyed said they intend to purchase diamond jewellery for a significant other, while nearly a third of women intend to purchase for themselves.
In China and India, more than 80 percent of both men and women were very or quite likely to purchase diamond jewellery for a significant other or for themselves.
HOW SPECIAL THE RECIPIENT FEELS
According to the report, professionals under the age of the 35 are driving what De Beers describes as high levels of intent and expectation to acquire diamond jewellery during the festive season.
Consumers in all three markets felt that “how special the recipient feels” was the most important factor in gifting this year – more than “how useful/practical it is.” For those planning to purchase diamond jewelry this holiday, “how beautiful it is” was another important factor.
“While [the research] clearly demonstrates that consumer desire for diamonds is as strong as it has ever been, holiday communications to consumers should focus on the power of diamonds, as inherently beautiful miracles of nature, to convey emotional meaning, gratitude for loved ones and expressions of self-reward – all of which bring joy and positivity in a time when it is desperately needed,” Cleaver told participants in the virtual forum.
“While the external environment remains uncertain, in this unprecedented moment in time, we have the unusual opportunity to build even more lasting and meaningful connections with consumers at the culmination of a year when we’ve all been reminded that we cannot take our precious relationships, or even human connections, for granted,” the De Beers CEO continued.
Photo courtesy of Diamond Insight Global Sentiment Report, August 2020.
CHINESE MORE CONFIDENT ABOUT THE ‘NEW NORMAL’
Chinese consumer sentiment was ahead of other key markets, with 85 percent of respondents saying that feeling settled into a new and familiar routine and 24 percent feeling fully reconnected to their life and previous routine. In the United States and India, confidence was behind that of China but was improving, with the majority of respondents in these markets believing they were moving towards settling into a new routine.
Only 8 percent of consumers in the United States and 4 percent in China felt their situation was deteriorating.
More than 80 percent of those intending to purchase diamond jewellery during the 2020 holiday season had either self-purchased or gifted diamond jewellery in the past two years, highlighting the importance of connecting with past customers.
In every market, consumer interest gravitated towards classic pieces, with simple solitaires the main preference. However, a subset of consumers – largely those who felt their lives were returning to normal and with higher household incomes – were more interested in experimenting beyond classic designs, showing a greater interest in diamond jewellery brands.