YNAP research: self-gifting of fine jewellery and watches will rise over festive period
The gift to self is on the increase this festive period as an increasing number of luxury shopping men and women around the world intend to treat themselves to a piece of fine jewellery or a watch this festive season, according to new research from Yoox Net-A-Porter Group (YNAP).
Some 2,600 luxury consumers were surveyed by the online luxury group, which revealed that while a third intend to start their gift shopping from this weekend, two-thirds intend to buy themselves something special over the festive period.
Exclusive items of fine jewellery and watches are becoming increasingly popular self-gifting choices with one in four women intending to purchase a piece for themselves and more than 70% of men stating that they wouldn’t hesitate to buy themselves a luxury watch rather than waiting to receive it as gift.
Millennials are the most enthusiastic self-gifters with 70% saying they intended to treat themselves over the festive period. However the trend is continuing to grow among all age groups as a quarter of all customers said they intended to spend more on themselves this year than last year.
YNAP's full-price in-season platforms NET-A-PORTER and MR PORTER have both been increasing their hard luxury offers lately by expanding the ranges of fine jewellery and watches on offer, including exclusive items.
Women's site NET-A-PORTER is predicting that statement diamond earrings and pieces with multi-coloured gemstones will be popular this season. MR PORTER is predicting an increase in interest in highly exclusive luxury watches some of which are also accompanied by a highly sought after experience, such as a Roger Dubuis one-of-a-kind watch where a buyer will have the opportunity to have a behind-the-scenes view of its manufacture partnered with a Lamborghini driving experience through the Jura mountains.
NET-A-PORTER now carries more than 60 fine jewellery and watch brands and now has a dedicated hard luxury destination – the Fine Jewellery and Watch Suite – which it says has been a key sales driver, with customer engagement online increasing by 200% in the weeks following launch. It has also attracted at a significant number of new customers to the site.
MR PORTER now has 20 luxury watch brands and has launched an online Luxury Watch Guide, which it says has attracted a significant number of new visitors, with 55% of visitors to the Guide being new to the site. It has also launched a dedicated Instagram page for luxury watches @mrporterwatches .
Alison Loehnis, President, NET-A-PORTER and MR PORTER, said: “While Cyber Weekend marks the start of holiday shopping for many, it is the perfect time for luxury customers to reward themselves with something special. We are seeing ever-increasing demand for fine jewellery and watches online and are constantly innovating to bring customers exemplary service and an unrivalled curation of the most desirable products.”