Different demand segments in US Platinum jewellery
“Platinum jewellery is improving in different demand segments” says recently published PGI Insight. The report shines a light on how to develop new demand for platinum jewellery in the United States and how platinum is improving its accessibility in different demand segments in jewellery.
Focusing on Sparkling Success PGI Insight says, a Premium Metal Becomes Accessible in the US reviews of 1: Historical trends of platinum jewellery demand in the US, 2: Key drivers of platinum jewellery demand growth in recent years, 3: Development dynamics for platinum jewellery at retail & 4: Future growth areas for platinum jewellery demand in the US.
The jewellery industry’s contribution to the total demand for platinum in the US grew from 5% in 1993 to 22% in 2017. As the third largest platinum jewellery market, platinum demand in the US is set to grow again by 8% to 11% in 2018.
The consistently lower price of platinum has opened up new opportunities for the growth of platinum jewellery demand in the US, supported by strong retail consumption and positive trade sentiment, which is leading to key opportunities beyond the wedding industry. Growing economic power and newly introduced branded collections also enable women to purchase jewellery made of the premium metal to celebrate meaningful moments of everyday life.
In a new country with no royal family to aspire to, American consumers have instead followed their Hollywood celebrities as role models, and platinum has played a starry role in the red carpet fashion. In the latest survey by Martha Stewart Weddings, over 55% of respondents preferred their bridal jewellery to be set in a metal that has strength, can hold a diamond securely and never fade or tarnish.
In Platinum Guild International’s recent Brand Health Study, platinum recorded the highest score among precious metals to meet these needs.
