New Trends in the men’s luxury jewelry market

One would think that during the recession the sales on luxury items in general would
drop. But high end jewelry and car markets did the exact opposite.

While the overall car market fell, luxury car sales rose by 10% or more during 2008, one of the hardest hit years.  GM’s numbers were down (24%) along with the standards Honda (almost 13%) and Toyota (11%) also experiencing a loss in sales. During the same time period Mercedes increased their market share 24%, Audi 17% and BMW an amazing 50%!

Part of the reason is that there is no substitute for quality and prestige. Another is that luxury car manufacturers introduced some less expensive models opening the market to a large income level.

Men’s jewelry also over performed in the downturn, doubling since 2007.  As in the case of car manufacturers, there were some externals involved. For many men the competitive business atmosphere caused them to become more aware of their appearance. “Dress for success” became an important lifestyle goal.

This trend has continued unabated until the current time. Men now represent a rise of 10% in the jewelry buying public. And they are making up their own minds about what they want to wear. A jewelry manufacturer of high end wedding bands for men noted that 4 out of 7 men choose their own wedding ring without help, with 3 being somewhat influenced by their future wife.

The styles and shapes that men are attracted to are very specific.  The same manufacturer explained that they were drawn to the architectural design of their men’s wedding bands, as well as the mechanical complexity of the rings.  Quality of craftsmanship is also a buying factor. Is the infrastructure of the wedding ring solid; is it well executed; and how professional is the finishing? A man’s wedding ring is more dependent on the lines and finish than a woman’s ring which can also rely on the brilliance of the diamond to carry the “look”.

Will this trend in the men’s high end jewelry last?

Michael Fisher, the Editor of the men’s section at Sylesight, is a trend-forecasting specialist. He explains that men will not necessarily spend on wardrobe pieces, “but an accessory to express their individuality? Sure.” (Time Business). He also explained that business men buy luxury jewelry (such as wedding rings) at the end of a recession to show that they are part of the recovery. Men tend to buy one excellent piece instead of mix and match cheaper items, so they are willing to pay the extra to have a luxury high end piece, especially in a wedding ring that will be worn for years.