1) True love?
32% of respondents are cynical towards true love. It remains as a challenge for Tiffany to get them to identify with the brand values.
2) Swarovski and Pandora as main competitors
Prior to our survey, we identified Blue Nile and Pandora as our main competitors because they are competitive in terms of both price and product range. However, from our findings, our respondents clearly identified Swarovski and Pandora as brands which struck them as closest competitors to Tiffany, as these are the ones they consider when purchasing fine jewelry for themselves and others.
3) Most males and females do not purchase Tiffany & Co. products for themselves
Most of our male respondents do not own and purchase Tiffany products for themselves but for others, hence they are mostly gift-givers. In addition, even though this group of male shoppers frequent the stores, they do not purchase any jewelry for themselves.
Contrastingly, most of our female respondents do not purchase Tiffany products but own them, hence they are mostly gift-receivers.
4) Poor visibility of male products in stores
87% of our respondents (both male and female) DO NOT KNOW that Tiffany sells male products.
5) Significant potential to increase purchase motivation for affluent self-buyers
61% of respondents who have not purchased jewelry for themselves are considering future purchase.
We surveyed 100 participants, 50 males and 50 females, from age 21-45.
Commitment, timelessness, genuineness, dedication and resilience.
Some also described the act of unconditional giving as a gesture of love. This is in line with the brand values that Tiffany associates itself with. The brand aims to play an integral role in the lives of people who believe and experience true love, and to stay in a committed relationship with them through the important occasions of their lives. Consumers are conditioned to associate true love with the brand, which drives overt behavior when there is a deeper purchase motivation.
However, we have noted that a relatively significant group of respondents (32%) are cynical about the existence of true love. To this group of respondents, common responses are that “true love cannot be found” and “it does not last forever”. A handful of respondents mentioned that even though the concept of true love is fairly idealistic, it can still be possible, just not easily attainable. Since Tiffany positions itself strongly around the concept of true love, it will be difficult to appeal to this group of cynics who do not identify themselves with the brand values.
Yes 49% | No 51%
A significant 51% of respondents have not bought fine jewelry for themselves.
Yes 61% | No 39%
These 61% of respondents who have not purchased jewelry for themselves but are willing to consider in the future are possibly a potential group of affluent-self buyers that the brand can reach out to. Out of this group of respondents, 82% of them have positive cognitions with regards to true love.
Therefore, this group is an opportunity that Tiffany can concentrate on building relationships with as part of its growth strategy.
Most respondents have a specific occasion in mind when they will purchase fine jewelry for themselves. This is especially so to commemorate significant events that they experience and celebrate one’s achievements and happiness.
For female respondents:
Less than 5% – Dior, Louis Vuitton, Soo Kee
5 to 10% – Bvlgari, Cartier, De Beers, Lee Hwa, Chanel
10 to 20% – Pandora, Tiffany & Co.
Above 20% – Swarovski
From the responses of our female respondents, we can conclude that Swarovski, Pandora and Tiffany are the top three brands in their consideration set.
Less than 5% – Patek Phillipe, Rolex, Tiffany & Co
5 to 10% – Agnes B, Louis Vuitton, Calvin Klein, Van Cleef & Arpels,
10% to 20% – Mont Blanc
Above 20% – Bvlgari, Chrome Hearts
From the responses of our male respondents, we can conclude that Bvlgari, Chrome Hearts and Mont Blanc are the top four brands in their consideration set. On the other hand, Tiffany is less likely to be invoked in their purchase decision.
Yes 60% No 40%
A significant 60% of respondents have purchased jewelry for someone else. The remaining 40% of respondents who have not purchased jewelry for another yet can be a potential group of gift-givers that the brand can look to target.
Most respondents have a specific occasion in mind when they will purchase fine jewelry for someone else. This is especially so to commemorate significant events that they experience and celebrate moments of love and happiness.
For female respondents:
Less than 5% – Agnes b, Calvin Klein
5 to 10% – Thomas Sabo, Pandora, Chrome Hearts
10 to 20% – Chanel, Tiffany & Co.
Above 20% – Swarovski
From the responses of our female respondents, we can conclude that Swarovski, Chanel and Tiffany are the top three brands in their consideration set.
Less than 5% – Love & Co., Soo Kee, Lee Hwa, De Beers
5 to 10% – Bvlgari, Jann Paul, Louis Vuitton, Blue Nile
10% to 20% – Chanel, Cartier
Above 20% – Swarovski, Tiffany & Co.
From the responses of our male respondents, we can conclude that Swarovski, Tiffany & Co., Chanel and Cartier are the top four brands in their consideration set. Most of the brands above are similar to those that females will buy for themselves. We can infer that when these male respondents purchase fine jewelry for someone else, they are mostly for females. Thus, most male respondents are gift-givers.
Only Females 87% | Only Males 0% | Both Males and Females 13%
All respondents associate Tiffany as a brand for females. However, only a small percentage of 13% of the respondents are aware that the brand offers products for males as well. Thus, we can conclude that Tiffany’s male products suffer from poor visibility.
A minority of respondents explained that they did not know the brand and would naturally associate Tiffany as a female brand due to its feminine name.
A significant 89% of respondents who have yet purchased Tiffany products are females. This could be due to the fact that Tiffany positions itself as a gift of love; this group of respondents is potentially gift-receivers.
Most respondents experience positive affect when they wear a Tiffany & Co. The feelings expressed by the respondents coincide with Tiffany’s brand values. Yet, there is a minority of respondents who experience negative affect.