“What is Today’s Youth Looking For in Their Jewelry…?”
As each year passes, our world becomes increasingly defined by the millennial generation. The year 2016 marks the first time that millennials have begun to outnumber the famed baby boomers of post World War II America. For the jewelry industry this begs the question, “How do we cater to the desires of this continuously growing customer base?” Jewelry has been a staple in human history since the dawn of humankind and shows no sign of stopping with this upcoming wave of youth. This requires the industry to grow and adapt in order to fill the needs and match the tendencies of their new clientele. Jewelers everywhere must ask themselves, what do the children of the 1990s and 2000s strive for when selecting their “bling” and how must we market our products to appeal to them. This is a far more difficult question to answer than one might believe. Nonetheless, it is a question that requires answering!
Contrary to popular belief, the majority of millennials do not care about how much an item or piece of jewelry costs in dollar value, but rather how priceless the experience and emotions surrounding that object are worth. For example, you are unlikely to find a teenager or a person in their twenties spending thousands of dollars on an ornate necklace or ring. However, they will be more than willing to spend the same amount on a vacation or road trip that they can share with their friends and family on Instagram or Facebook. If social media tells us anything it is that personality and sense of self are of great importance to this generation. This is not to say that they do not appreciate high end brand names. In fact, most will agree that owning the best brands is very important to them. The value in marketing is to represent the jewelry as something that is defined by the person who is wearing it. The “you” should be wearing the brand, and not the other way around. High quality may still be desirable, but the concern is more about what the brand stands for rather than the actual technical attributes.
Renting jewelry has become increasingly popular with millennials. They seek items to wear for certain occasions and once that event has passed they no longer have a need for it. Historically in the past, a quality ring or necklace would be kept for life, to be passed down to future generations. This has led to greater interest in the resale value of purchased jewelry. In today’s world, a typical college student can become bored with a video that takes up more than thirty seconds of their time. In the same manner, this principle holds true with the millennials’ choice of luxury items. They grow bored quickly and are in constant need to have the next “in” thing. This ever changing focus must be factored in when marketing jewelry to this generation. Millennials don’t want to commit long-term to to their apparel and they require flexibility above all else.
Authenticity and transparency are also key factors when it comes to purchasing jewelry. In the past, these qualities were presented at the brick-and-mortar level, via face to face interactions within the store. While this is still of great importance to the younger generation, new technology has led to the world of online sales, which now requires a different approach in order to display desired brand qualities. Immersive websites that offer detailed pictures and product information can aid in creating appeal. Technology is comforting, so having the option to buy jewelry in-house or online can only help business. This is especially true in an industry that can sometimes be considered old-fashioned.
Millennials can be fickle consumers, especially when it comes to the jewelry industry. They require individualism, uniqueness, and above all else proper branding when purchasing their bling. Their purchases are less about the product itself and more about the story that the jewelry tells about the personwearing it. Even the technological method of the business transaction has an impact on what they choose to purchase and wear. When all of these unique components are factored in, then it becomes much easier to understand what the millennial generation is looking for in their jewelry.
At Good Fortune Jewelry, we have our eyes and ears wide open. Millennials hold the key to the future and their jewelry choices are just one way that we can get to know them. Most of all, it is important for us to realize that Millennials are creating the trends in society that will increasingly impact the world in which we all live.