Men have always been an important part of the jewelry market, but mostly as buyers of expensive women's wholesale silver jewelry. Yet their role as exclusive purchasers of women's jewelry is beginning to shift, as the sales of fine jewelry for men virtually doubled from 2004 to 2006 to reach $6 billion, according to a new study of the jewelry and watch market published by Unity Marketing.
"Jewelry designed for men used to be a step-child in the jewelry business, as compared to women's jewelry," said Pam Danziger, president of Unity Marketing and author of "Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience." "But in 2006 the men's jewelry market reached a 10 percent share of the market, so it can't be ignored any longer by jewelry marketers and retailers."
Men's jewelry sales continue strong in the luxury market
Signs are that sales of men's jewelry will continue apace in 2007 and beyond. For example, in Unity Marketing's quarterly surveys of luxury consumer purchases, men's costume jewelry purchase incidence rose each quarter this year to a high of 12 percent at the close of the third quarter 2007. This compares with an historic level of 5 percent purchase incidence in 2006. Such strong sales bode well for the health of the men's jewelry market going into the traditional fourth quarter gifting season.
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