We were reading JCK magazine when we came across this insightful article by Rob Bates, the magazine’s news director, where he points out interesting facts found in a survey.
The survey was conducted by 360 Market Reach, was answered by 5,000 respondents in October 2020 and provided important data on Millennial and Generation Z behavioral trends.
Thanks to the survey, we discovered that:
- Priorities:
If younger consumers were given unlimited money, they would spend it on natural diamond jewelry, only after vacations, which means that if people don’t take vacations, they will spend it on sparkling luxuries. 70% of respondents mentioned that the main reason for choosing natural diamonds is “one of a kind” or “(diamonds) are symbols of love and connection.” - Preferences:
Some 37% of respondents planned to purchase fine jewelry during the current year and 27% expected to receive it. In addition, 20% of these respondents said they were most likely to purchase natural diamond jewelry next year, and 12% planned to give it as a gift. An excellent forecast for 2021 for all diamond jewelry retailers. - Natural is a leader:
Approximately half of all jewelry consumers in the last 2 years purchased natural diamond jewelry. These data indicate that respondents who purchased jewelry were already accustomed to natural diamonds. - Treat yourself:
Approximately half of the natural diamond jewelry buyers purchased the products for themselves, of this lot, 72% are female buyers, while only 23% are male. It is safe to assume that when female customers enter your store, they are most likely there to buy jewelry for themselves. - Women’s reasons for buying:
It was found that the key reasons women buy diamonds were:
– Design, cited by a major 51%
– To be easy to use every day, responded by 49%.
– And, to have timeless style and value, commented 46%.
Based on these points, you could say that custom jewelry (which will be designed by your customers, can be as easy to wear as the customer wants, and will have the exact style and value that your customer wants) is an excellent choice to offer that. it will fulfill all of these reasons at the same time. - Diamonds as a gift: About 80% of shoppers purchase diamond jewelry as a gift, while 28% buy it both as a gift and for themselves. When you add the gender factor, it turns out that men mainly give gifts to their special ones, while women give gifts to their mothers, children and special ones. This is a great idea, maybe the next time a customer asks for a piece of diamond jewelry, you can surprise them and guess what their purpose is.
- Reasons to buy:
The main reasons why respondents give diamond jewelry as a gift are: its lasting value (45%), it is easy to wear every day (39%), its design and appearance (40%) and because diamond jewelry is considered a symbol of love (33%). It might be worth thinking about whether your diamond products are as easy to wear as your customers would like them to be, having so much importance for so many people. - Diamonds for events:
About 25% of buyers previously purchased a diamond jewelry item with no purpose in mind. But 89% of shoppers buy for special occasions, such as annual events and anniversaries (72%), engagements and weddings (25%) or other events such as births or professional achievements (17%). Even if people buy from you “just because”, it is important to segment the pieces according to their “purpose”, such as engagement rings, anniversary rings, etc…
What are your thoughts? Will you be considering these points for implementation in the near future? If you would like to know how 2Shapes can help you put them into practice, feel free to email us, give us a call or have a quick meeting with one of our specialists.
