It seems that the jewelry market is seeing the light at the end of what has seemingly been a dark tunnel. Jewelry has been one of the hardest hit economic sectors in the recession leading to numerous bankruptcies of many jewelry retailers. However, new data from Unity Marketing shows that average jewelry spending by shoppers with minimum household incomes of $100,000 jumped up 31% to $4,813, in the third quarter from a year earlier. In addition, this statistic was compared against major drops in shoes, handbags and clothing.
Recently, the company behind Zales Jewelers, Zale Corp, canceled some orders with suppliers, delayed payments, and did not accept tens of millions of dollars of inventory at the end of November. The fact that a jeweler refused inventory just before the busiest time of the year is a big sign of trouble. But, Pam Danziger, president of Unity Marketing told Marketwatch that affluent consumers are “selectively indulging once again,” but this spending is mostly driven by affluent consumers with average household incomes of $233,000.