Young consumers are dynamic fine jewellery buyers, consultant says
March 28, 2015 – A report released in March 2015 by Edahn Golan Diamond Research & Data reveals that for the first time, millennials have spent more than any other age group on fine jewellery.
In the last year, the age group between 25 and 34 spent 28% more on fine jewellery than the average household. They aren’t the only youngsters to change their buying habits: consumers under the age of 25 increased their expenditure on jewellery 100% between 2003 and 2013.
Thanks in part to this increased demand, jewellery sales in the past year have risen 1.4%, with fine jewellery sales in the US, the world’s largest market for fine jewellery, totaling $68.8 billion in 2014.
Watches have been a particular success story, with sales increasing 7.7%, to $9.13 billion.
The average fine jewellery expenditure hit a record $434 per household, and with watches taken into account, it rose to $612 per household.
While consumers are buying more jewellery than ever, they are spending less on each piece. They are also changing when and where they buy their jewellery, with specialty jewellers losing some of their market share and sales at online retailers increasing.
Purchases are taking place throughout the year, rather than being concentrated during the holiday season. In 2014, sales around Christmas dropped 1.2%, though it still remained the main jewellery-selling time.
“The US Jewelry State of the Market Report contains precious data never before seen in the diamond industry, including detailed demographic breakdowns of who is buying what and for how much. It proves that millennials, today’s 20-35 year olds, are driving consumer demand for diamond jewellery in a way that is different from their parents. They are spending more and buying less in a market that is sometimes overwhelmed with product choice,” says Edahn Golan, global diamond consultant and author of the report.