Jewelers of America
Jewelers of America, while luxury markets continuously look for ways to connect with millennials who prioritize spending on experiences, the fine jewelry industry may be better served by paying attention to their generational predecessors.
“In my view, the ‘midult’ woman is the most powerful and overlooked customer of fine jewelry today,” said Amanda Gizzi, Jewelers of America’s director of public relations and events. “She has been in the work force for over fifteen years and is established in her career. She makes her own money and isn’t afraid to spend some of it on herself.”
“The self-purchasing woman is being ignored or underserved by the traditional jewelry industry and as such she’s going elsewhere to purchase jewelry, not in traditional specialty jewelry retail stores but in department stores and non-traditional spaces,” MVI CEO Marty Hurwitz said.
Hurwitz noted that aself-purchasing midult buys to accessorize and is doing so with pieces that are trendy, colorful and retail for between $95 and $995, with the younger Generation X consumers purchasing at the low end of that price range, and vice versa.
Yet traditional jewelry stores lack color, he added, because white diamond jewelry makes up such a large part of inventory. He said there is also an absence of styles that use color at price points the majority of self-purchasing women want to buy.
“You have a great hybrid of older millennials, now in the
ir mid-30s, and younger Gen Xers who provide a large set of disposable income,” he said. “This cohort represents the most pivotal changes in life stages when it comes to opportunities for jewelers to create a meaningful relationship. From delayed marriages, child birth, anniversaries and self-purchasers, this segment provides the most opportunity for jewelers to convert sales now.”
Hurwitz suggested looking to brands that are finding success–like Kendra Scott, Alex and Ani, Pandora and the Australian Emma & Roe–and emulating their businesses, which rely on collecting, layering and stacking jewelry.
“Like most generations today, midult women are researching and shopping online, so having a strong web and social media presence is a no-brainer,” she said. “However, don’t overlook the power of having an in-person presence in the community. They are more likely to have loyalty to those who are in front of them and to whom they have a personal connection. These women are the gift givers. They want to treat those around them with special gifts and they are also more likely to treat themselves too.”
They’re also loyal to brands.
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