CARLSBAD, CA — The MVEye, renowned as the premier market research firm for the gem, jewelry, and watch industries, has unveiled an innovative report titled:
“Crafting Unity, Adorning Diversity – Cracking the Code to Engage High-Income African American Buyers in the Luxury Jewelry Sector.”
This ground-breaking report represents the culmination of a collaborative and exhaustive research study conducted by THE MVEye, in partnership with Stephanie Coleman, the publisher of Tré Magazine. The study delves into the distinctive world of high-income African American jewelry consumers in the United States. Focusing specifically on those who self-identify as Black/African American and take pride in their Black heritage, this report offers a unique perspective garnered from participants aged 20-59 with a household income exceeding $100,000.
The report provides a profound insight into historical jewelry purchasing patterns and anticipates future shopping behaviors. It pays meticulous attention to preferences that take into account the nuances of participants’ cultural backgrounds, ensuring a comprehensive comprehension of this influential market segment.
Stephanie Coleman, the publisher of Tré Magazine, expressed, “With these findings, we aim to highlight the distinct preferences and buying behaviors of high-income African American jewelry consumers. Their choices are deeply rooted in cultural resonance and a demand for inclusivity, underscoring the need for industry adaptation.”
Key Highlights from the Report:
1. Proactive Consumers:
A remarkable 63% of high-income African Americans actively seek brands that resonate with or promote their cultural heritage.
2. Sustainability Matters:
An impressive 56% of African American respondents prioritize sustainably produced jewelry, with a particular focus on conflict-free diamonds.
3. Importance of Inclusivity:
A staggering 76% of participants emphasized that the feeling of being welcome was the most critical factor influencing their fine jewelry purchases, surpassing price, selection, and even the expertise of in-store salespersons.
4. Influence of In-Store Expertise:
Knowledgeable in-store salespersons hold significant sway, with 54% of respondents highlighting their importance during fine jewelry purchases.
5. Deep Resonance with Birthstones:
Birthstones hold profound significance, with 59% of African American respondents purchasing them as statement pieces.
6. Awareness of Lab-Grown Diamonds (LGDs):
While awareness of lab-grown diamonds (LGDs) stands at 64% among African American consumers, it trails the overall market’s awareness rate of 80%.
This groundbreaking research report offers a vital resource for the jewelry industry, shedding light on the distinctive preferences and values of high-income African American consumers, ultimately pointing towards avenues for industry adaptation and inclusivity.
