Millennials and Gen-Z affinity for natural diamonds!
Millennials and
Gen-Z Describe Natural
Diamonds as Unique & One of a Kind
Third party research reveals diamonds are profoundly desirable, appreciated for value and versatility, and are increasingly acquired for a range of occasions as well as self-purchase!
Natural Diamond Council conducted broad diamond desirability research through 360 Market Reach in the final quarter of 2020 among 5,000 respondents between the ages of 18 – 39. The analysis shows diamond jewellery leading as the most highly desired, and tangible luxury good overall (after being prompted with nine luxury items to choose from if money were not a concern).
Vacations
were the only luxury items ahead of diamond jewellery for both generations.
Respondents also largely attribute their affinity for diamonds to uniqueness as
70% agree natural diamonds are “one of a kind.” Another area of value for
respondents was the symbolism diamonds carry for love and connection.
Both Millennials and Gen-Z buy natural diamonds jewellery for themselves and others as gifts. One in five respondents had made a luxury jewellery purchase within the last 24 months where half of those included natural diamonds.
Half of these natural diamond jewellery purchases were made for themselves which was largely driven by female consumers (72%).
The women cited design as the most important value when making the purchase for themselves after versatility and long-term style and value.
Almost 80% of purchasers had bought diamond jewellery as a gift in the last 24 months. This was largely led by men, often gifting significant others.
Women said they purchased diamond gifts for their mothers, children, and sometimes their significant other.
The leading reason for gifting diamonds across groups was for their lasting value. While the majority of diamond jewellery purchases were mostly centered around a life event or occasion, approximately 25% of purchases were for no specific reason.
The future for fine jewellery purchasing is optimistic as 37% of respondents intend to buy fine jewellery in the next 12 months and 27% expect to receive it. 20% of these respondents say they will either definitely or probably purchase natural diamond jewellery specifically and 12% claim they expect to receive it as a gift.
These future purchases will largely be affected by social media platforms where Millennials and Gen-Z often obtain shopping inspiration.
The analysis reveals further that consumers very commonly research diamond jewellery before making a purchase. Consumers sought out four to five retail touch points on average beforehand.
Most of this research was conducted online
at 2.6 touch points being online and two being in-person. 66% of respondents
compared pricing online, 26% looked for social media advice and inspiration,
and 24% read articles for tips.
96% of the cohort is active on social media where 36% of respondents said they would consult social media platforms for ideas and advice prior to purchasing diamond jewellery.
Most of the actual purchases occurred in-store, however 28% were made online in the last 24 months. Of the retail purchases, most were made at independent jewellery stores rather than nationally known jewellery stores.
Natural Diamond Council conducted this survey to track the desirability of diamonds and reinforce the sustainability of the category. Consumer focus on items that carry emotional symbolism and value is heightened during this period as the country continues to endure the effects of the pandemic.
The results show Millennials and Gen-Z both have a strong relationship to diamond jewellery where it is an inspirational luxury good, high on their wish lists.
Link to the full analysis: https://www.naturaldiamonds.com/industry-news/desirability-of-diamonds-among-millennial-and-gen-z-consumers/
Link to the pdf: https://d3em83qrfmyuai.cloudfront.net/wp-content/uploads/2021/01/NDC_ConsumerTrackSurvey.pdf
Comments
Post a Comment