High-end luxury brands may be safer then most but they are still hurting. Take Bulgari for example, the world’s third-largest jeweler has reported a fourth-quarter revenue that fell by 10%. The Italian jewelry company had a $409 million sales drop from last year and difficult times are ahead. Bulgari is seeing flat sales in the States and Japan but has no plans to cut prices.
Both Cartier and Tiffany have reported lower sales figures in the last quarter, its inevitable in this economy. Nonetheless, Valentine’s Day is coming up and is traditionally a better time for jewelry companies. Here’s to hoping anyway. Research from the National Retail Federation suggests that consumers will spend slightly less on jewelry this Valentine’s Day. Last year 16.6 percent of consumers purchased jewelry for the holiday and this year it is predicted that only 16 percent will be buying jewelry for Valentine’s Day. Bulgari is beautiful so save it! Go out and buy Bulgari or Cartier for V-Day, spur the economy. And don’t forget that a diamond lasts forever.