High-earning members of the millennial generation are showing less interest in jewelry than previous generations, according to a new survey commissioned by Unity Marketing.
In a survey that asked which product categories affluent millenials (ages 24–34) get “much enjoyment” from, jewelry ranked last, with a rating of 63, below fashion and clothing, travel, and fine dining.
Affluent baby boomers (ages 55–70) showed far more interest in jewelry. That audience gave the category a score of 88, higher than fashion and clothing, which received a score of 78.
“The jewelry industry has a real problem relating to these consumers,” says Unity Marketing president Pam Danziger. “This is a whole new generation, and they are already disrupting the way we do retail. Many brands think that if they have a Facebook page or Twitter account they will be reaching millennials. You need to understand them more deeply.”
She even thinks that De Beers’ classic slogan, “A Diamond Is Forever,” may have less resonance for this generation.
“Just because it worked for granddad and it worked for dads doesn’t mean it will work for the kids,” she says. “This generation is delaying and forgoing marriage. The whole idea that marriage is forever and love is forever, I don’t know this generation is buying that.”
She advises the industry learn more about these consumers and find ways to enhance their shopping experience.
“It seems to me going to a jewelry store is a painful experience,” she says. “It’s not something that you want to do, it’s something that you have to do. It requires homework. Look at how stores have made shopping for wedding dresses a fun thing. The industry should find connections with retailers who are doing well with this generation.”
As for companies that have resonance with younger consumers, she cited Hearts On Fire, because it stresses brilliance rather than the four C’s.