From The Desk of Rajesh Bajaj
Wildcard puzzle & Season 2020!
Amid global lockdown, the whole commerce & industry activities halted! Yet, leadership remained active, and they boosted our gem-n-jewelry (GJ) industry & trade from their various platforms! Through various virtual meet-n-conferences, we learned, 1: Demand halted amid lockdown, 2: Society is caring for their nearer & dearer, 3: upon resumption, demand will bounce!
1: Demand halted amid lockdown:
Successfully leaders could pass their messages that 2008 was a global economic turmoil! It was a collapse of the market, economy, and crushed demand! In this Covid-19 pandemic, the economy was comfortable, the order was just halted, not destroyed, and the market was active! It was presumed that there would be a demand upon resumption! Accordingly, the last quarter of the year will remain vibrated!
Under the strong assumption, industry and trade were working to cater to the demand of the Holiday Season, Festive season & year-end buying!
2: Society is caring for its nearer & dearer:
During the pandemic Covid-19 lockdown, it was learned that society, in general, is caring for their nearer & dearer! The community, in general, communicated, supported, and helped each other! Upon the resumption and unlock scenario, in the post-COVID-19 era, I wish to thank each other and shape up at various gifting ideas ahead of the last quarter of the year!
These feelings of gratitude, thanks, and gifting ideas are likely to boost demand and drive good buying! Many market players are also keen on the buyer’s attitude if they are rushing for revenge buying!
3: upon resumption, demand will bounce!
Gem-n-jewellery fraternity was well convinced that there will be a demand upon resumption! The market will bounce well in the post-COVID-19 era! Many small and medium bootstrapped players are also ready to cater to the Holiday season & Festive demand; they are eying to grow in this post-COVID-19 scenario!
In the flow of positive sentiment for the coming season and demand, the gem-n-jewelry fraternity got two reports, 1: Holiday 2020 Trend Report & 2: Diamond Insight, Flash Report #4. Both statements have added inspiring fuel in the gem-n-jewelry fraternity to cater to the season well with all those optimistic services!
1: Holiday 2020 Trend Report:
‘After a year of upheaval, this holiday season will be especially meaningful, and gifts will be symbols of hope, love and all-important holiday season, celebration. As we gear up for the, it’s clear that while consumers want gifts with lasting value and significance, they also want what’s new, fun, and fashionable. They’re craving inspiration, and we have all the answers in the Holiday Trend Report, presented by the Natural Diamond Council.
The Trend Report showcases natural diamonds as you have never seen them before, yet they still each retain a lasting quality that ensures future generations of relevance.’
2: Diamond Insight, Flash Report #4:
Since March, De Beers Group is providing such Flash Reports by collecting various data on buyer attitude, behavior, buyer expectations, and much more! This study is on the US market & US buyer, and in the row, the latest Flash report four has published. The information is all about fall-winter/autumn 2020.
Flash Report #4 said: “Consumers need to trust that the brands they choose are responsible trustees that promise integrity, commitment to craftsmanship and lasting value. While the implications for merchandising differ based on individual retailers’ unique points of view, the findings can be easily interpreted for a jeweler’s own selection, and how they choose to represent and sell them to their customers.”
I think our fraternity must have read both of the reports. If not, it has recommended catering to the season in a better way!
Jack Kleinhenz, Chief Economist- NRF, agreed that the consumer spending recovery remained faster than expectations yet, forecasting 2020 holiday sales. He says it is like assembling a jigsaw puzzle without all the pieces! He is cautiously optimistic about the fourth quarter in terms of the economy and consumer spending!