Consumers are excited about celebrating Valentine’s Day with 73% indicating that they will do something to celebrate.
Valentine’s Day has historically been a dining out, flowers and chocolate holiday with jewelry coming in as a distant fourth. During the past 3 years of COVID, jewellery giving increased. This year THE MVEye’s latest consumer research shows that jewellery is still a major gift category with approximately 25% of respondents planning to give fine jewelry as a gift.
The study shows a projected spending increase for fine jewellery of 8% in 2022 and 24% in 2018.
Almost all the jewelry will have gemstones with 38% mined diamonds and 16% lab-grown diamonds. A larger percentage of women (28%) who indicated they would give jewellery chose lab-grown diamonds vs. 8% of men.
“Many women see the lab-grown diamond as their jewelry of choice for gifts,” said Liz Chatelain, President, of THE MVEye who added, “The wide of assortment and price points have given them greater opportunity to give fine jewellery in recent years.”
Of those giving jewellery, about 56% will spend over $300, while 44% will spend under $300. Men are the big spenders for jewellery: 74% say they will spend over $300 versus 29% of women who will spend that much.