27 January 2021
2Shapes Scope - Diamonds for the modern generations
Are modern generations interested in diamonds?
We were reading the JCK magazine when we found this insightful article by Rob Bates, News Director of the magazine, where he points out interesting data found on a survey.
The poll was made by 360 Market Reach, was answered by 5.000 individuals on October 2020, and came up with important data about Millenial and Generation Z behavior trends.
*An engagement ring featuring natural diamonds
Thanks to the survey, it was found that:
Priorities: If younger consumers were given unlimited money, they would spend it on natural diamond jewelry, only second to vacations, meaning that if people don't take vacations, they will spend it on sparkling indulgences. The major reason to choose natural diamonds was cited by 70% of respondents, to be "one of a kind", or "(diamonds) are symbols of love and connection".
Preferences: Around 37% of interviewees planned to buy fine jewelry during the running year, and 27% expected to receive it. Also, 20% of these interviewees said they would most likely acquire natural diamond jewelry next year, and 12% of these planned to gift it. An excellent forecast for 2021 for all diamond jewelry retailers.
Natural is leader: About half of all jewelry consumers over the last 2 years purchased natural diamond jewelry. This data indicates that interviewees that purchased jewelry were already cultured towards natural diamonds.
Treating oneself: Approximately, half of natural diamond jewelry buyers acquired the products for themselves, of this lot, 72% are female buyers, while only 23% are men. It's safe to assume that when female customers enter your store, they will most likely be there to purchase jewelry for themselves.
Women reasons to buy:
It was found that the key reasons for women to buy diamonds were:
· Design, cited by a major 51%.
· To be easy to wear on an every-day basis, answered by 49%.
· And, to have a timeless style and value, 46% commented.
According to 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 your client desires) is an excellent choice to offer that will meet all of these reasons at the same time.
Diamonds as gifts: Around 80% of buyers, acquire diamond jewelry as gifts, while 28% buy it for both giftings and for themselves. When you add the gender factor, it turns out that Males mainly gift to their special ones, while females gifts to their mothers, children, and special ones. This is a great insight, maybe next time a customers request a diamond jewelry piece, you can surprise him or her and guess what its purpose is.
Reasons to buy: The main reasons for respondents to gift diamond jewelry are: its long-lasting value (45%), it's easy to wear on an every-day basis (39%), its design and appearance (40%), and because diamond jewelry is considered a symbol of love (33%). Might be worth thinking if your diamond products are as easy to wear as your customers would like, having so much importance for so many people.
Diamonds for events: About 25% of buyers previously bought a diamond jewelry item without any objective in mind. But 89% of buyers do purchase for special occasions, such as annual events and anniversaries (72%), engagements and weddings (25%), or other events such as births or career achievements (17%). Although people may buy from you "just because", it's important to segment pieces for their "purpose", such as engagement rings, anniversary rings, etc...
What are your thoughts? Will you be considering these points to apply them in the near future?
If you want to learn how 2Shapes can help you put into practice, feel free to send us an email, call us, or have a quick meeting with one of our business specialists.