A recent Natural Diamond Council survey of 5,000 respondents reveals diamond jewelry is the most highly desired and tangible luxury item among Americans in Generation Z (ages 18-24) and Millennials (aged 25-39).
Together these generations account for 38% of the adult population and, within the next decade, their income is projected to rise by more than 70%.
As you’ll see, taking a vacation technically topped this list. I find that completely logical considering how the pandemic has quashed our movements, halted our holidays, canceled our gatherings and kept us closely quarantined. I also prioritize an (eventual) escape.
Meanwhile, among the items one can choose to have and to hold – to care for and keep (hopefully forever) if money were no object: diamonds are solidly in first place, outpacing electronics, clothing, cosmetics, handbags & accessories, perfume, shoes and watches.
A Sparkling Addiction
Perhaps predictably, previous jewelry givers and receivers were the most enthusiastic for more.
The results demonstrate that this cohort of 18–39 year-olds have a strong relationship with diamond jewelry, placing it high on their wish lists both to buy for themselves and to give to others. Recurrent themes in the survey are the importance attached to the lasting value, uniqueness, emotional connection and versatility of diamond jewelry and the strong satisfaction among acquirers; those who had bought or received diamonds were the most enthusiastic for more.
Unique Symbols of Love
The respondents see natural diamonds as unique. 70% strongly or somewhat agreed with the statement that each diamond is “one of a kind.” Respondents also widely agreed that diamonds are symbols of love and exclusivity, authenticity and rarity.
Heads-up, diamond sellers:
The survey asked how Millennials and Generation Z are getting their information and inspiration. The results show growing expectations for social media to deliver these things, with 40% of male future buyers planning to engage with social media for ideas and advice.
Importantly: 96% of the target group are active on at least one form of social media.
Oh. And did I already mention, within the next decade, their income is projected to rise by more than 70%?
Keeping it Safe
At the time the survey was taken (in October, 2020) half of those responding indicated they were comfortable entering stores physically. A quarter of respondents emphasized the importance of safety measures being in place, including requirements for customers and employees to wear masks at all times, limiting the number of customers allowed in the store, and providing a private area where customers could be seen individually.
84% of purchasers of natural diamond jewelry conduct research prior to the transaction. Price comparisons online, advice from friends and family and informative articles are frequent resources, as is social media – cited by 26% of those surveyed as inspiring their decisions. Buyers also visited 4 or 5 retail outlets in person prior to making the purchase decision. A quarter of respondents conducted the transaction online.
Breaking down intentions for the coming year:
- 37% of respondents anticipate buying jewelry in the next 12 months
- 27% expect to receive jewelry as a gift
- 20% of respondents will definitely/probably buy natural diamond jewelry in the next 12 months
- 12% of respondents expect to receive natural diamond jewelry as a gift
Now we know.
While I’m not technically in the demographic surveyed, I promise to do my best to buy, gift and receive diamond jewelry in the same spirit as my lovely Millennial and Gen-Z friends this coming year.
Read more on the Natural Diamond Council website.