Women would rather buy gold jewellery than splurge on a nice meal or a day at the spa.
According to a 2008 World Gold Council (WGC) survey, 1068 American women aged 16 to 65 ranked gold jewellery as one of their top three picks on where to spend discretionary income.
Conducted in 2005 by independent research firm, GfK, “What Women Want: Global Discretionary Spending Report” also surveyed women in the key gold jewellery markets of India, China, Saudi Arabia, Italy, and Turkey.
Spending on ‘short breaks’ and ‘increasing savings’ ranked one and two above gold jewellery.
Although conducted in 2005 when gold cost $444 US per ounce compared to 2008’s average of $897, the survey showed that if given $1000 to spend, the number of women who would spend it on gold versus other products in 2008 (38 per cent) was similar to the number of women who would spend around $500 in 2005 (42 per cent).
WGC says this supports the notion that rising gold prices have not diminished the desirability of gold jewellery among women with discretionary funds.
“In the context of a rising gold price, which reached new heights in early 2008, it was important the survey focus on how gold prices may impact consumer attitudes and spending behaviour,” said John Calnon, WGC managing director for the Americas.
“It is encouraging that gold’s price increase has re-emphasized the value of gold as an investment, as well as a fashion item, and has actually made it more desirable. This research has helped us shape appropriate consumer messaging that will continue to build gold’s desirability during turbulent economic times.”
