While countless articles and studies have been dedicated to reaching the millennial consumer, there is far less guidance about day-to-day tactics for turning them into loyal, lifetime customers.
Millennials, broadly defined as those born between 1982 and 2000, are a group that jewelers simply can’t afford to overlook. They make up about 25 percent of the U.S. population. And with a collective $1.3 trillion in annual buying power, millennials control a growing amount of disposable income and are willing to spend it on things and experiences that make them happy.
Young adults today actively seek out experiences to connect with brands that they feel reflect who they are. This is a generation that’s wired for sound, but they also want to connect on a personal level. Managers and frontline sales staff must get to know these shoppers not just as demographic data points but as savvy shoppers, offering them professional advice and assurance on their terms: via a mobile device, on social media, or in the store.
Millennials are digital natives—more than half use their smartphones or tablets to research potential purchases before buying—but they crave face-to-face interactions, and they prize the ability to customize items to suit their preferences over mass-market sensibilities. Their idea of value is driven not only by price but also by experiences. In fact, 3 out of 4 would rather spend money on a desirable experience than an item.
When millennials buy a product—especially an investment like fine jewelry—they want those future heirlooms to come with a story that they can make part of their own personal narrative. As a jeweler, helping them tell that story while turning the purchase of a valuable piece into an experience that is theirs alone is the key to winning millennial loyalty.