KRC Research conducted an online survey on behalf of the Diamond Producers Association (DPA) regarding US millennial women’s views on luxury goods. The results highlighted three major trends: Long term value both financially and emotionally, Pride in legitimacy of the goods purchased and the expression of self-confidence, wrote The Diamond Loupe in a press release.
The data found that 75% of the nearly 1000 US millennial (aged 18 – 34) women surveyed saw diamond jewellery as an investment in themselves, while 82% was looking for a long-term financial value in their purchase. Among the higher earning millennials, those with an annual income exceeding $150,000, the numbers surged to 94%. According to the DPA, these figures explain why more millennials are buying their own diamonds.
Reportedly millennials are expressing a preference for authenticity in luxury goods, preferring to “buy less, buy better”. For the higher-earning millennials this desire for authenticity was even greater, with 85% saying they “would be embarrassed knowing that they owned a knock-off, especially for luxury items,” the DPA reported. “When evaluating luxury purchases, they seek items that are genuine, unique and not mass-produced, and have inherent meaning and value,” said Deborah Marquardt, the DPA’s Chief Marketing Officer. “This preference speaks directly to the diamond promise – in an increasingly artificial world diamonds remain authentic, rare and precious.”
Source – The Diamond Loupe