The world is ruled by the new generation of millennials, the influence is so much that organizations have started offering millennial specific products. As the millennial generation continues to grow and make an impact, they are now shaping the different spheres of our world. Be it business, fashion, or jewellery, the effect can be seen and felt everywhere. With zero to little patience for traditional customs and practices, these millennials thrive on innovation, embrace technology, and emphasize creativity.
As a trend, as a generation, and as an audience, Millennials are changing the game in the jewelry industry in many ways. Forming a large part of the consumer market, brands are also keen to create products catering to their demands, so they can effectively create a sparkle in their eyes with their work.
Here is how Millennials are shaping the jewelry industry.
Millennials are going for things that are made with ethically sourced materials. Unlike before, the effect on a person, environment, or an ecosystem matters a lot to millennials. They go for brands and products which have an influential report on CSR (Corporate Social Responsibility) and a robust set of moral and ethical values.
Started in the 1930s, the trend of proposing to your loved one with diamonds has taken a form where almost 75% of the world’s engagement rings use diamond. But when it comes to millennials, the average age of deciding on the ring has risen to late 20s and early 30s. By this time, they have a considerable saving that is disposable, which has been a contributing factor in the sale of diamonds.
Trends and Celebrities
The digitally social age is known to be on their phones the most. Taking advantage of that, the jewelry industry is now gaining insights on the recent trends on social media to bring better-targeted products into the market, made especially for the millennials.
The millennial audience goes to the office, to the cafes, and to the parties, andthey prefer jewelry that can go with them to all 3. They look for jewellery and accessories with broader functionality. While they prefer watches with diamonds, their earrings are minimalistic in design.
Millennials are looking for brands that don’t just sell a piece, but an entire experience with the product. This ‘experience’ includes information and interesting backgrounds of a piece, customer service, and an aesthetic pleasure behind their jewelry.