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« iAfrica: Tiffany takes on DeBeers | Up a level | The Apprentice: Launching Trump's new Jewelry Line »

October 20, 2004

BusinessWire: Wal-Mart number on Jewelry Retailer

Jewelry in the news: Wal-Mart Has Risen to Number One in Jewelry Retailing, yet the Prime Target Market for Jewelry Doesn't Even Shop There, says Unity Marketing.

Excerpt:

In 2003 half of American consumers bought jewelry and/or watches and spent $53.6 billion. Jewelry sales rose 5.1 percent over previous year, corresponding with renewed strength in the luxury market. The typical jewelry consumer is a 'twenty-something' to 'fifty-something' higher-income woman. But these facts just scratch the surface of an increasingly fragmented market for jewelry, according to a new study of the jewelry market by Unity Marketing.
"Today there isn't just one jewelry market. Rather when we talk about jewelry consumers, we need to look at discreet segments characterized by entirely different patterns of buying behavior. There are men buyers vs. women buyers; fine jewelry vs. costume jewelry buyers; gift purchasers vs. self purchasers. These segments overlap and intersect, requiring marketers and retailers to shift and turn in response to which type of customer is in view. Whereas the jewelry business used to be simple, today it is much more complex due to increasing market fragmentation," explains Pam Danziger, president of Unity Marketing and author of Why People Buy Things They Don't Need.


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