Selling jewelry is a competitive business, made more challenging by a dynamic industry, advances in technology, and a changing buyer profile. One of the most challenging buyer profiles is the millennial shopper. And since millennial shoppers comprise a market segment that just can’t be ignored, today’s post takes a look at what is unique about millennial shoppers and what jewelry retailers need to know about their shopping habits and preferences in order to woo them successfully.
Greater Emphasis on Self-Expression
Self-expression is important to millennials, whether that means aligning themselves with a style or brand that they feel represents them, or making sure the jewelry they buy matches their tattoos, or having their jewelry personalized with their initials, they are savvy shoppers and are not content to just buy what their parents and grandparents bought. Millennials want jewelry that makes a statement; that helps them express their own, unique sense of style and fashion.
Uniqueness Over Cookie-cutter Jewelry
In the same vein, millennials value uniqueness in jewelry over pieces that are mass-produced. This is one reason for the growing popularity of colored gemstones. Their sheer variety of color and type allows for greater uniqueness and expression of one’s individuality. Amethysts, garnets, malachite, opals, sapphires, tanzanite and tourmaline are just a few of the beautiful gemstones favored by millennials.
Uniqueness is also why millennials value custom-designed jewelry; they want jewelry with a story behind it, or that shows that thought and care were put into its creation. Custom CAD jewelry is particularly suited to this preference, since CAD jewelry lends itself to levels of complexity and creativity that aren’t achievable with traditional jewelry design. Our lost dolphin jewelry story perfectly illustrates not only a jewelry piece with a story, but also the beautiful creativity and complexity of CAD jewelry.
Another important trait of millennial shoppers is concern for a brand’s social responsibility. This comes into play in a big way when it comes to diamonds. Millennials want sustainable and ethical diamond mining. Or as an alternative, lab-grown diamonds, which in addition to being ethically sourced, are also less costly and less damaging to the environment.
Functionality and Technology
They also want functional jewelry and appreciate technological advances in jewelry design. They shop for jewelry that is attractive and appropriate for the work place, the beach or just a night out. They’re looking for everyday jewelry that is smart looking and contemporary. Also, as “digital natives”, technology is not only important to them; it’s second nature to them. This is perhaps one reason why millennial shoppers have so easily embraced the idea of CAD jewelry and 3D printing. They appreciate both the technology behind CAD jewelry and the experience of creating and owning a custom-designed piece of jewelry.
To summarize, millennials are more focused on unique jewelry than the size of the diamond. They want jewelry that is personal, vibrant, versatile, ethically produced and even a little unconventional.