Jewelers, are you targeting millennial lovebirds? If not, you should be: According to Edahn Golan Diamond Research and Data’s “U.S. Jewelry State of the Market Report,” the early 20s to mid-30s is prime jewelry-buying time for consumers.
“This is due in large part to the tendency of young adults to become engaged during that time period,” says a Jewelers Mutual study about millennial jewelry buyers.
In theory, it should be easy to reach millennial shoppers: They’re always searching for the newest and next big thing, and they’re constantly online, on social media and seeking out brands and information in the digital universe. Millennials are the most active participants on social networks, and they want to use those channels to interact with brands.
For jewelers, this means having an online and social presence targeting these consumers when or even before they start shopping for bridal jewelry. Millennials are born researchers, having grown up with Google at their fingertips—and when they’re looking for an engagement ring or wedding bands, they’ll be learning everything they can. Forrester Research found that millennial jewelry shoppers have a greater tendency to conduct online research before making a purchase.
So along with a mobile-friendly website, a presence on Facebook, Instagram, and Pinterest, another crucial aspect to keep in mind is that this is a demographic that marches to the beat of its own drummer when it comes to timing their nuptials.
“Millennials do not adhere to the traditional life road map.… [They] are more likely than other generations to bounce around between milestones,” Jewelers Mutual observes in its study. For example, they might delay marriage or live together before getting married.
This break with the traditional order of things affects the budgets of millennial brides and grooms. Given that they also have considerably more student debt than earlier generations of engagement and wedding jewelry shoppers, retailers would do well to keep these factors in mind.
The good news is that millennial shoppers are unconventional in other ways that can benefit retailers: While they can be price sensitive, they are more concerned with value than penny-pinching. Their affinity for nontraditional stones and metals, and love for customization, provides the savvy jeweler with ample opportunity to help them create something truly unique that fits their budget.
“Millennials in general are significantly more interested in the craftsmanship of luxury products and will look for designers that add a personal touch to their pieces making them more personalized rather than more uniform,” Jewelers Mutual says.
By customizing the experience and offering services tailored to the millennial customer—such as offering insurance to protect their unique pieces—a jeweler can build a foundation for a loyal, lifelong customer relationship.