December, 2013 Natalie Clore Chelsea Goodale Isaac Spence
Are Hillsdale College students a profitable market segment for local jewelry retailers?
· Define the level of demand · Establish appropriate communication channels · Determine students’ purchasing preferences
· Current industry trends · Demand for gold · Men’s jewelry market · Target market · Shopping habits · Small-town customers
· Questionnaire via SurveyMonkey.com · Sample size of 1,504 students · Sampling error of 6.08% (95% confidence interval)
· Some surveys only partially complete · Non-response rate 70% · Roughly 40% of responses eliminated · Minimal experience purchasing fine jewelry
· Total of 455 received · Screening eliminated 195 ineligible · Results reflect 260 responses
Have you purchased fine jewelry? 80% 72.5% 70% 60% 50% 40% 27.5% 30% 20% 10% 0% No Yes
How many times have you purchased fine jewelry? 80% 70.2% 70% 60% 50% 40% 25.2% 30% 20% 4.0% 10% 0.7% 0% 1-2 3-4 5-6 I do not Purchases Purchases Purchases purchase fine jewelry
How many fine jewelry purchases do you anticipate making? 50% 44.5% 43.0% 40% 30% 20% 9.5% 10% 2.4% 0.7% 0% 1-2 3-4 5-6 7+ I do not Purchases Purchases Purchases purchases purchase fine jewelry
Where are you most likely to shop for fine jewelry? 90% 79.9% 80% 70% 60% 50% 42.1% 40% 30% 20% 4.2% 10% 2.7% 0% Online In Person Do not intend Other to purchase
Which of the following stores have you previously purchased fine jewelry from? 30% 26.3% 25% 21.2% 18.5% 20% 14.3% 15% 10.8% 10% 5.0% 5% 0% Department Specialty Online Local Retailer Resale Shops Wal-Mart Stores Jewelers
Of the previous stores, please select any stores you are likely to repurchase from. 30% 26.3% 25% 21.2% 20% 15.4% 15% 10.8% 10% 3.9% 5% 1.5% 0% Department Specialty Online Local Retailer Resale Shops Wal-Mart Stores Jewelers
Where are you most likely to seek information about fine jewelry? 76.1% 74.9% 80% 70% 60% 50% 40% 30% 20% 12.7% 7.3% 10% 3.9% 3.5% 0% Social Media Online Television Word of Other Will not seek Mouth information
How are you most likely to hear about fine jewelry? 90% 76.8% 80% 66.8% 70% 60% 50% 40% 30.5% 27.8% 30% 18.1% 20% 10.8% 7.3% 10% 0% Word of Online Social Media Television Radio Newspaper Smartphone Mouth Advertisement
Do you primarily purchase jewelry for yourself or for others? 47.2% 50% 38.5% 40% 30% 20% 14.3% 10% 0% Myself Others I do not purchase fine jewelry
What time of year are you most likely to purchase fine jewelry? 50% 43.0% 40% 30% 17.5% 20% 16.7% 12.7% 10.0% 10% 0% Winter Spring Summer Fall I am unlikely to purchase
For which of the following special occasions are you most likely to purchase fine jewelry? 70% 63.7% 60% 55.2% 50% 40% 34.0% 31.3% 30% 22.0% 20% 14.7% 14.7% 10% 0.8% 0% Christmas Birthday Wedding or Mother's Day Graduation Valentine's Anniversary Father's Day Engagement Day
While at Hillsdale College, what is the total amount you anticipate spending on fine jewelry? 60% 56.2% 50% 40% 30% 19.5% 20% 8.4% 8.4% 10% 4.4% 3.2% 0% $1-$200 $201-$400 $401-$600 $601-$800 $801-$1000 Unlike to spend
Please address the following statements based on your level of agreement. Strongly Agree (1) to Strongly Disagree (5) Standard Sample Variable Average Minimum Maximum Deviation Size I look at fine jewelry items in stores before 2.8 1.6 1 6 235 buying them online. I look at fine jewelry items online before 3.0 1.5 1 6 239 buying them in stores. If I buy jewelry, it is usually costume 3.0 1.5 1 6 239 jewelry. After graduation, I would like to buy 3.3 1.3 1 6 239 Hillsdale College jewelry items. I would like to buy Hillsdale College related 3.4 1.3 1 6 240 jewelry items. I use business “wish lists”. 3.6 1.5 1 6 239 I like monthly updates from stores on new 3.9 1.3 1 6 238 product selections.
Please address the following statements based on your level of agreement. Very Important (1) to Very Unimportant (5) Standard Sample Variable Average Minimum Maximum Deviation Size Price 1.5 0.9 1 6 234 Store Reputation 1.7 0.9 1 6 234 Items on sale 1.7 1.0 1 6 233 Variety of options within each category 1.9 1.0 1 6 234 Variety of item categories 2.1 1.1 1 6 231 Store atmosphere 2.2 1.1 1 6 232 Close retail store proximity 2.3 1.1 1 6 235 Customization options 2.5 1.2 1 6 233
Please select your sex. 74.9% 80% 70% 60% 50% 40% 25.1% 30% 20% 10% 0% Female Male
Which of the following best describes your student status? 30% 28.3% 23.5% 25% 23.0% 19.6% 20% 15% 10% 4.3% 5% 1.3% 0% Freshmen Sophomore Junior Senior Senior 5+ Graduate years
Respondents who have previously shopped online 35% 32.0% 30% 25% 21.0% 18.0% 20% 15% 9.0% 10% 5% 0% Freshmen Sophomore Junior Senior
Respondents who have previously shopped at local jewelry retailers 50% 45.0% 40% 29.0% 30% 20% 10.0% 10% 6.0% 0% Freshmen Sophomore Junior Senior
Is there a relationship between class standing and anticipated purchases? 1-2 Purchases 3-4 Purchases 50% 45% 5-6 Purchases 40% 31% 31% 30% 28% 27% 24% 22% 21% 19% 20% 18% 17% 9% 10% 0% Freshmen Sophomore Junior Senior
Does purchasing from an Online Retailer in the past effect a student’s chances of purchasing from an Online Retailer in the future? 97% 100% 90% 76% 80% 70% 60% Have not previously 50% purchased Online 40% Have previously 30% 24% purchased Online 20% 10% 3% 0% Will not purchase Will purchase Online Online in the future in the future
Does purchasing from a Department Store in the past effect a student’s chances of purchasing from a Department Store in the future? 100% Have not previously 90% purchased at 80% 80% Department Store 70% Have previously 56% 60% purchased at 44% 50% Department Store 40% 30% 20% 20% 10% 0% Will not purchase at Will purchase at Deparment Deparment Store in the future Store in the future
Does seeking information online effect a student’s chances of purchasing from an Online Retailer in the future? 100% 90% 84% 80% 70% 60% 50% 50% 50% Will not shop Online 40% Will shop Online 30% 16% 20% 10% 0% Will not seek Will seek information information Online Online
Does seeking information by word of mouth effect a student’s chances of purchasing from an Local Jewelry Retailer in the future? 100% Will not shop at Local 84% 90% Retailer 80% 69% Will shop at Local 70% Retailer 60% 50% 40% 31% 30% 16% 20% 10% 0% Will not seek information Will seek information by by Word of Mouth Word of Mouth
Is there a relationship between sex and anticipated spending? 90% 84% 82% 80% Male 72% 70% 63% Female 60% 53% 50% 47% 38% 40% 28% 30% 18% 20% 16% 10% 0% $1-$200 $201-$400 $401-$600 $601-$800 $801-$1000
Is there a seasonal effect on men or women’s fine jewelry purchasing? 50% 44% Male 40% 40% Female 30% 20% 20% 16% 16% 9% 10% 8% 5% 0% Winter Spring Summer Fall
Who is the primary recipient for men and women’s fine jewelry purchases? 70% 62% 60% Male 60% 50% Female 40% 29% 30% 20% 12% 10% 0% Myself Others
Is there a relationship between sex and special occasion purchases? 100% 90% 86% 84% Male 79% 80% 70% Female 60% 60% 54% 50% 46% 40% 40% 30% 21% 20% 16% 14% 10% 0% Mother's Day Birthday Christmas Wedding or Valentine's Day Engagement
Is there a difference between men and women's shopping preferences? I look at fine jewelry items in stores 2.6 3.3 before buying them online. 2.6 If I buy jewelry, it is usually costume. 3.7 Female I would like to buy Hilsdale College 3.3 Male 3.9 jewelry items. After graduation, I would like to buy 3.2 3.6 Hillsdale College jewelry items. 1 2 3 4 5 Strongly Strongly Neither Agree Somewhat Somewhat Disagree nor Disagree Agree Agree Disagree
Is there a difference between men and women's product preferences? 1.3 Price 1.8 1.5 Items on sale 2.1 Female 2.1 Close retail proximity Male 2.6 Variety of options within each 1.8 2.2 category 1 2 3 4 5 Very Very Neither Somewhat Somewhat Unimportant Important nor Important Important Unimportant Unimportant
Which aspects do students who purchase from Department Stores value the most? Store Reputation 1.5 Store Atmosphere 2 1 2 3 4 5 Very Neither Very Somewhat Somewhat Unimportant Important Important nor Important Unimportant Unimportant
Which aspects do students who purchase from Specialty Jewelry Retailers value the most? Variety of item categories 1.5 Store Reputation 1.5 Store Atmosphere 2 1 2 3 4 5 Very Neither Very Somewhat Somewhat Unimportant Important nor Important Important Unimportant Unimportant
Which aspects do students who purchase from Local Jewelry Purchases value the most? Customization options 2.3 1 2 3 4 5 Very Neither Very Somewhat Somewhat Unimportant Important nor Important Important Unimportant Unimportant
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