Consumers Expected To Spend $4.7 Billion On Jewelry For Valentines
(Kitco News)- Valentine’sDay is quickly approaching and if you are struggling for the perfect gift, you can’tgo wrong with jewelry as that appears to be the hot item this year.
Accordingto the National Retail Federation, U.S. consumers are expected to spending anear-record $19.6 billion on Valentine’s Day gifts, up from $18.6 billion spentlast year. On average consumers are planning to spend $143.56 on gifts as morethan half the population (55%) celebrate what some have dubbed a “HallmarkHoliday.”
Sowhere are consumers spending their money? Positive for the precious metalsmarket, the jewelry sector will see the most significant chunk of holiday cashat $4.7 billion. In second place consumers are expected to spend $3.7 billionon a romantic evening out, $2 billion will be spent on flowers, consumers willbuy $1.8 billion on candy and $1.9 billion on clothing.
It’snot surprising to see U.S. consumers buy more jewelry as the World Gold Council(WGC) said it has seen a steady uptrend since the fourth quarter of 2016.Earlier this week the WGC said that U.S. jewelry demand increased 3% last yearto 122.1 tonnes, as the fourth-quarter demand was the strongest quarter ineight years.
“Theimproving economic environment that buoyed sentiment - and demand - in Q3continued to lift the market in the final quarter,” the council said in its2017 full year Gold Demand Trends report. “Online sales accounted for a growingshare of jewelry demand, which played to the strengths of the larger,higher-end retailers. Tiffany & Co., for example, reported 8% growth intheir holiday season sales.”
Ifyou are still stuck for a gift idea well keep reading as Kitco News offers afew suggestions.
Ifyou want to make a statement with your gift, you can’t go wrong with NikkiReed’s Bayou with Love line of jewelry.
Reedhas teamed up with Dell to make all its jewelry from gold and silver recycledfrom electronics.
Thesite offers a variety of rings and earrings and for that special man even has apair of cufflinks.
Withthe royal wedding between Prince Harry and Meghan Markle just months away, you canget your loved one jewelry with a unique piece of history.
Accordingto reports, the royal couple will have wedding bands from Clogau, which makesits wedding rings from rare Welsh gold from the Clogau St David’s mine, locatedin Bontddu, Snowdonia. Yep, this Valentine’s Day you can pop the question instyle.
Comingback a little closer to home, Kitco.com also offers a variety of unique goldgifts including silver and gold dipped roses from Degussa.
Inan interview with Kitco News last year, Raphael Scherer, managing director forGerman-based bullion dealer Degussa, it is one of the most popular Valentine’sDay items they have.
Eachrose is made up of roughly one gram of gold, depending on the size. The processinvolves dipping a real rose in pure gold and later removing the organicmaterial. The silver rose is dipped in silver and rhodium.
KitcoMetals also sells gold and silver cufflinks, gold nugget earrings, pendants andcrosses and even a pure one-ounce gold bracelet.
By Neils ChristensenFor Kitco News
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nchristensen@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.