Diamond retail sales are slowing globally as Millennials buying habits are putting a dent into the bridal jewelry industry. American Millennial consumers are proving they are not as attached to traditional diamond jewelry unlike previous generations, which make jewelers job that much tougher because Millennials represent more than ¼ of the American population. Not only is this large group people taking longer to commit to one another, but they are also making jewelers scratch their heads and sweat it out, especially since the bridal category makes up as much as half of the total merchandise sold by major U.S. jewelers.
In response, what many jewelers are now trying to do is decode the Millennial generation and their buying habits. Here are five things to keep in mind about the Millennial consumer and what they are looking for when it comes to buying jewelry.
1. Millennials value sustainable and ethical diamond mining and production
No matter what generation you belong to, when choosing an engagement ring there is a noticeable conscious thought process behind it, but what makes Millennials different than other generations is their dedication to the ethical and sustainable. It is important to share with consumers conflict free and ethically sourced information with shoppers even if they do not ask for i
2. Unique is better than mass produced
Millennials don’t want what their friends have—they want something that is completely and uniquely their own. A mass produced ring just says cookie-cutter, while a custom designed ring shows a deep care and understanding of the one who is to receive it.
3. Gemstones are in vogue
Some consumers are opting for birthstones in place of diamonds, giving their jewelry a more personal and unique touch. Engagement rings with synthetic diamonds are also popular, not to mention, they cost 30 percent less than real diamonds.
4. Get social with consumers
The average Millennial checks his or her smartphone 45 times and spends 5.4 hours on social media a day. Wedding dress designers have already hopped onto social media, such as Facebook and Instagram, to showcase their latest designs and show off happy customs, but local jeweler accounts continue to remain unexplored to their fullest potential. Showcase designs in stock as well as custom designs to spark potential consumer’s interest.
5. Every piece has a story, share it!
It is important to not only explain the 4C’s, but to also tell the story behind the piece’s brilliance and style. Many engagement ring collections have themes and Millennial consumers want to hear all about it.
Go forward in confidence and test out these five tips on your next Millennial consumers. The Millennial market is 75.4 million strong and it is just waiting to be tapped into.
This post was written by Hannah Pikaart, Ring Cam blogger.