Tel.:+49 (0) 2263 86 0 Fax:+49 (0) 2263 20741 [email protected] There is no substitute for quality GERMANY MADE IN ... for smart calculators! These finest-grain carbide tools won‘t let you down, even with the toughest materials. Efficient, precise and extremely durable, the AU-Range with the golden ring do an outstanding job. Quality that pays off in the long run! www.busch.eu buschjewellery First Choice... NEW 194AU Krause Stand-No. 5E 524 3M 225 Stand-No. W-14-22 X-13-21 jewellery pieces dating back to the 1920s also remain in high demand. Gorriceta noted consumers below 40 years of age lean towards modern designs and often opt for jewellery choices of celebrities and influencers. Older Filipinos tend to prefer classic pieces. “We curate our collections carefully based on customer data since preferences vary in different parts of the Philippines and sometimes, even in different branches in one city. All our branches however carry our engagement and wedding rings as the bridal segment is our main revenue generator,” Gorriceta said. Market trends Chan observed that Filipino consumers have embraced hybrid shopping post-pandemic, browsing pieces online then collecting their purchase or buying these at physical stores. Older generations, however, still prefer to visit brickand-mortar stores. Younger customers now demand new designs and service features, creating new market segments in the process, he continued. “Gen Z consumers who shopped online for small jewellery items then are now upgrading to investment pieces. We are thus expanding the reach of our fine jewellery offerings by introducing gold jewellery and small-carat-size diamonds in our younger market-driven SilverWorks shops,” Chan said. He also observed a change in the buying patterns of Filipinos. Before the pandemic, purchase intent was determined largely by occasions, with New Year’s Day, Valentine’s Day, Mother’s Day and Christmas generating the most sales. The “YOLO” or “You Only Live Once” mentality took over during the Covid years. This “I deserve this” mindset continues to drive purchases nowadays. “Rewarding oneself is an all-time sales driver. Our clientele – the millennials – are the ones who celebrate milestones, from small wins and big moments to engagements and weddings. Since we offer a wide price range, their preferences range from necklaces to diamond jewellery pieces,” disclosed Chan. Sustainable action Karat World jewellery is largely sourced from Europe. Gorriceta cited trust, quality and sustainability credentials as his main criteria when choosing suppliers. “The most important factor is meeting the owner of the company, whether an established factory or a small-time manufacturer, to determine whether we have harmony and rapport,” he revealed. "I am out to make a long-term business relationship. I need to be able to trust my supplier.” Price and quality come next. Gorriceta usually pays a visit to the factory of Karat World suppliers to examine their production process and labour practices. Sustainability credentials are just as important. Karat World is placing increasing emphasis on the ethical and sustainable sources of materials along with ecofriendly packaging. Its supplier partners must also be members of the Responsible Jewellery Council, said Gorriceta.
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