Jewelry Industry Facing Significant Decrease in Holiday Sales
New Study by Russell Research Indicates That Two Out of Three Consumers Plan to Reduce Discretionary Spending, While One Out of Three Plan to Reduce Spending on Jewelry
New York, NY, (PRWEB) October 6, 2005 -- A recent study of 1,008 consumers conducted by Russell Research, a national research firm, indicates that in response to the escalation of fuel costs, 35% of consumers plan on reducing discretionary spending on jewelry. Overall, 65% of consumers plan on reducing or eliminating their spending across one or more product categories.
Peter Indiveri, a retail industry expert, commented "Overall, the retail industry has been on a roller coaster ride during the past few years. The findings of this research indicate that the retail industry, with the jewelry category in particular, could see a negative impact on the bottom line this holiday season," Indiveri added. "For the first time in several years, high end karat gold and designer products might be significantly affected by an overall decrease in discretionary spending."
This is reinforced by the fact that three-quarters of consumers who purchase high-end and basic jewelry indicated they would reduce their spending in these areas.
Methodology
The study was conducted online from September 9 - 12, 2005, among 1,008 online consumers, ages 18 or older, across the United States. Figures for gender, age, and geography were weighted where necessary to match their actual proportions in the population.
In theory, with probability samples of this size, one could say with 95 percent certainty that the results have a statistical precision of plus or minus 3.1 percentage points of what they would be if the entire adult population had been polled with complete accuracy. In addition to sampling error, question wording and practical difficulties in conducting surveys can introduce error or bias into the findings of public opinion polls. This online survey is not a probability sample.
About Peter Indiveri
Peter Indiveri, founder of Strategic Business Solutions LLC, has over 27 years experience in leadership positions encompassing strategic planning, product management, and market research and analysis spanning both the retail and consumer products manufacturing industries. As past president of Inverness Corporation, a multi-national specialty jewelry and device manufacturer, Mr. Indiveri ensured the development and implementation of the companys long-term strategy and market leadership position by developing a strategic understanding of the marketplace, customer needs, new products and technological innovation. These strategies were utilized in some of the leading US retail organizations. In addition to this, Peter Indiveri also established business entities in China and Japan to speed market penetration.
About Russell Research, Inc.
Founded in 1946, Russell Research is one of the pioneer firms in the market research industry. Today, Russell Research is among the industrys top research firms, with a seasoned staff of strategically-driven research professionals providing expertise and service for a wide range of customer and business product categories. Russell Researchs diverse group of clients include Fortune 1000 companies as well as mid-size and smaller enterprises, government agencies, advertising agencies, consultancies, and public relations firms.
Media Information:
Peter Indiveri
Phone Number: (201) 505-0450
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