Friday, 12th May 2006 (3808 views)

Wealthy consumers purchasing jewellery are saving themselves around $100 billion a year, according to a new book.

Treasure Hunt: Inside the Mind of the New Consumer, by leading consultant Michael Silverstein asserts that the modern consumer wants more than high quality products at a good price and they know how to get it.

Silverstein believes that wealthy consumers save themselves money by trading down in price on certain items so they can trade up on others – a process the author calls "treasure-hunting".

The practice leads to a splitting in the gold market, with a dearth in mid-market spending opening up a gulf between the higher and lower price brackets.

The book's publication coincides with the announcement from online retailer Amazon that its sales of jewellery on its website have more than doubled for its first quarter in 2006, compared to the same period in 2005.

 

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