2. INDUSTRY
Sales growth
to reach 88.6
Billion
Increase of
spending on
nonessentials
Growing
populations
Low prices of
precious
metals
3. KENDRA SCOTT’S TARGET
AUDIENCE
Trendy Tiffany
25 years old
Purchases for herself and
friends
Income: $35,000
“Every time I go into Kendra
Scott, I find something I just have
to have. They always have great
discounts and constantly have
new designs each time I step in
the store.”
4. KENDRA SCOTT’S TARGET
AUDIENCE
Giving Grant
33 years old
Purchases for women in his life
Income: $60,000
“I always go to Kendra Scott to
get gifts for my wife, mother,
and sisters for holidays and
birthdays. They have something
for every personality type, and
the customer service is great.”
5. KENDRA SCOTT’S TARGET
AUDIENCE
Matriarch Molly
60 years old
Purchases for family members
Retired
“My daughter and
granddaughters showed me
Kendra Scott because they
absolutely love her jewelry. I
have even found a few pieces I
like for myself in the store.”
Editor's Notes
The outlook is optimistic as sales should grow to reach 88.6 billion by 2020, or 12 percent versus 2015. Moderate growth is slated for the total market through 2020 at an annual average growth rate of 2.1%.
The watches and jewelry market will be supported by higher consumer confidence, lower unemployment rates, and even lower gas prices. Spending on nonessentials tends to increase as the market strengthens, which is positive for the industry given that watches and jewelry tend to be purchased on a more discretionary basis.
The market will also benefit from continued population growth, particularly among some of the top demographics that purchase watches and/or jewelry, including adults 25-34, Hispanics and Asians.
Further, the prices of precious metals – particularly gold – are at new lows, creating favorable conditions for interested buyers.
Work Cited: "Watches and Jewelry - US - September 2012." Alison Lipson, Sept. 2012. Web. 02 Nov. 2016. <http://academic.mintel.com/display/635886/>.