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.”