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SURVEY SHOWS DIAMOND JEWELRY AS MOST POPULAR ‘TANGIBLE’ LUXURY AMONG MILLENNIAL S AND GEN Z CONSUMERS

 

 

A broad diamond desirability survey conducted by the Natural Diamond Council (NDC) through 360 Market Reach in the final quarter of 2020 showed that diamond jewelry is the most highly desired “tangible” luxury product overall for Millennial and Generation Z consumers, among nine luxury items to choose from, if money were not a concern.

Indeed, vacations were the only luxury items ahead of diamond jewelry for both generations – a poignant fact given the sharp reduction in travel that currently is in place given the global COID pandemic.  

The survey polled the opinions of 5,000 respondents between the ages of 18 and 39.

 

Financed by the world largest rough diamond producers, NDC advances natural diamonds’ desirability by publishing in-depth features and trend reports, and sharing resources and information with consumers. It also works to support the integrity of the natural diamond industry, providing transparency, and insight on the ethics, sustainability and progress of this sector.

 

SELF PURCHASING DRIVING JEWELRY PURCHASES

Some 70 percent of the Millennial and Generation Z consumers pooled for the study agreed with the statement that natural diamonds are “one of a kind.” Another area of value for respondents was the symbolism diamonds carry for love and connection.

One in five respondents said that they had made a luxury jewelry purchase within the last 24 months where half of those included natural diamonds. Half of these natural diamond jewelry purchases were made for themselves which to the tune of 72 percent driven by female consumers.

 The women cited design as the most important value when making the purchase for themselves after versatility and long-term style and value.

Almost 80 percent  of purchasers had bought diamond jewelry as a gift in the last 24 months. This was largely led by men, often gifting significant others. Women said they purchased diamond gifts for their mothers, children, and sometimes their significant other.

The leading reason for gifting diamonds across groups was for their lasting value. While the majority of diamond jewelry purchases were mostly centered around a life event or occasion, while approximately 25 percent of purchases were for no specific reason.

 

The survey was conducted on behalf of the natural Diamond Council, which advances natural diamonds’ desirability by publishing in-depth features and trend reports, and sharing resources and information with consumers.

Half of these natural diamond jewelry purchases by poll respondents were made for themselves, with 72 percent of those being female consumers.

INTENTION TO BUY DIAMOND JEWELRY IS HIGH

According to the NDC poll, the future for fine jewelry purchasing is optimistic as 37 percent of respondents said they intend to buy fine jewelry in the next 12 months and 27 percent expect to receive it.

Some 20 percent of the respondents say they will either definitely or probably purchase natural diamond jewelry specifically and 12 percent claim they expect to receive it as a gift. These future purchases will largely be affected by social media platforms where Millennials and Gen-Z often obtain shopping inspiration.

The analysis reveals further that consumers very commonly research diamond jewelry before making a purchase. Consumers sought out four to five retail touch points on average beforehand. Most of this research was conducted online at 2.6 touch points being online and two being in-person.

About 66 percent of respondents compared pricing online, 26 percent looked for social media advice and inspiration, and 24 percent read articles for tips. Some 36 percent of respondents said they would consult social media platforms for ideas and advice prior to purchasing diamond jewelry.

However, most of the actual purchases occurred in-store, although 28 percent were made online in the last 24 months. Of the retail purchases, most were made at independent jewelry stores rather than nationally known jewelry stores.

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