A recent study from TFWA has highlighted that in an environment where conversion is a key issue for most sectors, the watches and jewellery sector is the poorest performer. While one in seven shoppers visit watches and jewellery, only 5 percent buy. This equates to a conversion rate of just 34 percent, the lowest of all the categories.
However, on average, watches and jewellery shoppers visit 2.1 categories, which is significantly higher than shoppers overall (1.5). This would indicate that those visiting the category have more time to shop, making them valuable within the airport retail environment.
The travel retail sector is also clearly a sound springboard to new customers. A substantial 78 percent of shoppers buying for themselves purchased a brand they do not usually buy, while 40 percent purchased the brand for the first time and seven in 10 of buyers had no prior awareness of the brand. This indicates that the channel can offer outstanding exposure to new audiences. It is also the perfect place to upsell, with one in five trading up from their domestic product ranges and brands.
Only one in two watch and jewellery buyers purchased for themselves, the lowest of all categories, while almost one in every two purchases are for a gift. This makes the sector an ideal focus to attract the all-important gift buyer.
“While passenger numbers are increasing significantly across the globe, our ability to turn these travellers into customers has not kept pace, and conversion is a major issue for our industry,” says TFWA President Erik Juul-Mortensen. “As the poorest performer, there is clearly considerable scope to drive sales in watches and jewellery.”
The Watches and Jewellery report is part of the TFWA Category Reports series, produced by Counter Intelligence Retail. It is based on approximately 1,000 shopper interviews conducted at four key airports across the globe. A minimum of 50 percent of the sample were duty free buyers. The full report is available as an exclusive benefit to TFWA members.
