A pioneering study reveals the importance of traceability for jewellery consumers
71% would choose a piece of jewellery for its traceability, and up to 77,5% of consumers would pay more for a traceable product, according to Tracemark’s Sustainable Luxury Consumer Report 2021
2020 has accelerated the already growing consumer demand for ethical and sustainable jewellery. Nonetheless, “more needs to be done to convince consumers that brands are authentically sustainable” says the Sustainable Luxury Consumer Report 2021, carried out by traceability start-up Tracemark.
Through interviewing consumers at the very beginning of 2021, this study confirms that the consideration of factors relating to corporate social responsibility by consumers has increased since the beginning of the Covid-19 pandemic. 63.5% of consumers report a renewed concern for choosing ethical and sustainable products stemming from the events of last year, a percentage that rises to more than 68% among frequent jewellery consumers.
A similarly elevated proportion of consumers report that jewellery brands don’t inspire confidence when it comes to claims of sustainability and ethical practices: “The majority of them neither believe nor completely reject these claims.” From fine jewellery to fashion jewellery, “brands have much more to do to inspire confidence.”
The need for transparency
The key to this confidence could lie in Traceability, suggests the report, a conclusion also seen in Get to know the consumers driving change in 2020, carried out by the IBM Institute for Business Value (IBV). According to Tracemark’s report, 94% of consumers believe jewellery brands should be more transparent about the origin of the raw materials they use like gold and diamonds.
Furthermore, this report reveals that the purchase of a traceable jewellery product empowers consumers, making them feel more “responsable”, “positive”, “connected to the world around them” and “hopeful”. This information can help us explain why traceability leaves a lasting impression on consumers, according to the report. Consumers who have already experienced a traceable product are considerably more likely to buy another, showing that traceability is here to stay.
This data reflects the fact that “traceability is proving to be a concept which connects with the consumer and inspires repeat purchases” and that “as new traceable products from other sectors enter the market, interest in and preference for traceability in jewelry and luxury goods is sure to increase and be felt in the long-term. This might culminate in traceability becoming the standard for consciousness-driven purchases.”
Tracemark’s Sustainable Luxury Consumer Report 2021 was carried out to deliver on Tracemark’s mission of connecting today’s consumer with responsible and authentically sustainable jewellery brands, while building and strengthening the alliance among industry players, and between the industry and the world around us for lasting positive change.
Tracemark highlights three main areas of action for brands in order to respond to today’s consumers: proactivity, credibility and innovation. Fast fashion and fashion jewellery brands manage to stand out in the market, with the report emphasising their novel forms of communication, “hyperpositioning” and innovative and sustainable capsule collections as key effective ways of connecting with the consumer.
Download the study for free in https://tracemark.tech/consumer-report-2021/
