When it comes to spending, Millennials, or the generation generally regarded as being born between 1981 and 1996, are often blamed for being the force responsible for “killing” different industries. According to a survey from NBC and GenForward, 62% of Millennials owe more in debt than they have in savings.
Owing toward the higher cost of living and shrinking wages, 46% of Millennials have significant credit card debt according to the same study. Student debt is often lumped into there as well, with the average student loan for a college graduate at about $34,000.
Despite this bleak outlook, Millennials aren’t afraid to spend money, and they’re quite particular about their tastes. From the farm-to-table movement to premium, ethically-sourced coffee, Millennials want the world to be a fairer, cleaner, healthier place. In addition, they’re not afraid to invest in quality, as reflected by their tastes in luxury items -- including jewelry, handbags and other designer goods.
Pure Spending Power
Millennials’ spending power has officially surpassed that of Baby Boomers. So what matters to them now that they are one of the largest spending groups out there? Although they can be a hard nut for retailers to crack, their shopping habits in terms of jewelry shopping couldn’t be any clearer: over 90% of them strongly identify that cost and quality are the factors that are most important to them, followed closely by ethical and environmental considerations.
This shouldn’t come as much of a surprise. After all, we’re talking about the inventors of avocado toast and distinctive coffee beverages. Many Millennials have cultivated their tastes in elegant jewelry as a way to treat themselves in addition to an appreciation of fine quality.
Furthermore, according to a study by Deloitte in the UK, the majority of Millennials find out about high-end fashion or luxury item trends through:
- Social media (20.5%)
- The brand’s website (15.1%) and
- Fashion magazines (14.4%)
That means your jewelry business needs to be on social media, as well as have a website presence (and not just one or the other), since Millennials may hear about your brand on social media but they’ll go to your website to browse your products, read reviews and learn more.
How Do I Attract Millennial Buyers as a Jewelry Store Owner?
It can be difficult to generalize about an entire generation, but overall, jewelry store owners looking to attract members of this group need to take into consideration that the way you communicate with them is far different than anything you may have done in the past. Millennials have far lower brand loyalties than their Baby Boomer parents. In addition, they’re not tied to a particular channel for their information and are just as likely to learn about you from a magazine as they are social media or a website.
Also Millennials, unlike the generations before them, are not necessarily richer than their parents when they were their age. However, those with more disposable income also have inscrutable tastes which means they’re more attracted to quality goods that are well-made, unique, ethically-sourced and environmentally-conscious.
What about Generation Z?
The up-and-coming Generation Z, who are in their teens today, are incredibly tech savvy, globally-cognizant, philanthropic and frugal. They don’t remember a time without the internet and they are definitely plugged in. As such, jewelry store owners that are looking to attract this group in the near future would do well to broaden their reach digitally.
This generation is reading reviews, comparing prices (and getting alerts when they drop), researching coupon codes, and sharing their experiences with others. They may not be in your sights right now, since they don’t yet have the disposable income, but even when they do, don’t be surprised if they still focus on getting a good deal. This generation, at its core, is going to want something inexpensive yet innovative and trendy.
Finally, they also like a good story. But don’t drag it out. They’re impatient and they want you to get to the point quickly. Being plugged in means having instant access to information at all times. Quick snippets of engaging, to-the-point content will resonate well with this group.
Marketing that Lasts for Generations
Although there’s no “one size fits all” approach for marketing to each generation, there are approaches that you can make as part of your overall jewelry selling strategy. Understanding the shopping habits and tendencies of different groups can help you adapt both a broad view and a narrow perspective.
If you’re ready to learn more, contact the experts at GemFind Digital Solutions. From web design to content marketing to social media, we can help you reach your target audience with a concrete marketing plan that helps you sell more jewelry online and reach more customers easily