The Millennial and Gen Z generations combined accounted for two-thirds of global diamond jewellery sales in 2017, as diamond jewellery demand reached a new record high of US$82 billion, according to data published by De Beers Group in its latest Diamond Insight Report, wrote The Diamond Loupe in a press release.
The size of the younger generations together with their increasing financial maturity provide significant opportunities to the diamond industry. Millennials (people aged 21 to 39) represent 29 percent of the world’s population and are the current largest group of diamond consumers. They accounted for almost 60 percent of diamond jewellery demand in the US in 2017 and nearly 80 percent in China. Gen Z (aged up to 20) is an even larger consumer generation – 35 percent of the world’s population and will come of age as diamond consumers over the coming decades. They are important drivers of growth in the luxury sector and account for a considerable share of global diamond jewellery demand.
2018 Diamond Insight Report highlights three key areas of opportunity that the two younger generations present for the diamond industry:
Meeting Millennial and Gen Z needs for love and commitment on their own terms: diamond brands and retailers must therefore complement traditional designs.
Tailoring communications, messages and media to the natural behavior and preferences of Millennials and Gen Z: they are more likely to look on social media for inspiration prior to purchase and they expect an equally seamless omnichannel experience when buying products.
Aligning company and brand purposes and social commitments to Millennial and Gen Z priorities: diamond brands and retailers are encouraged to be more proactive in communicating the good that diamonds do throughout the world, and the contribution their individual brands make to important social causes.
Source: The Diamond Loupe.