ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
IndependentsMay 09, 2017
Retailer’s Viewpoint: Millennials and the Middle Class
The shift from buying luxury to buying lifestyle--an evening out at a restaurant, a day at a spa, or a vacation--is not driven by taste alone but by economic factors, Jim Alperin writes.
Millennials, lifestyle and luxury--three words we hear a lot today.
When you’re in a luxury business, as we in the jewelry business are, trying to understand how these words relate and finding our place in this changing world is a challenge.
The things they are showing less interest in aren’t limited to jewelry; they also include crystal stemware, china dishes, porcelain figurines, silver flatware and hollowware, and even a house in the suburbs. Young people today are opting to move into the cities that their parents and grandparents worked so hard to afford to move out of. That 1-acre lot of grass that needs to be mowed on the weekend suddenly isn’t the dream. Now, it’s a loft apartment overlooking other buildings, close enough to work that you don’t need to own a car.
What happened? Why is it that this new generation doesn’t want all the luxuries that previous generations worked so hard to attain and care for?
The internet has, as we all know, changed everything. Business as usual isn’t usual anymore.
Decades ago, a generation of young people finishing high school or college who didn’t go into a specific profession had the opportunity to open “mom-and-pop” stores. Jewelry stores, optical stores, shoe stores, drug stores … if you had an interest in a particular field, you had the opportunity to be your own boss and, with time and hard work, make a decent living. With that living, you were able to buy gifts of luxury, things above the essentials, for those whom you loved, including jewelry.
Where are those young people today, the ones who didn’t go into the professions or those who weren’t picked up by Google, Facebook or one of the other internet giants? They’re working behind the counter at Starbucks, the Apple store or even one of the big jewelry store chains. They make a living but don’t see a chance to truly excel within the job that they have taken.
Did you ever speak
Editors' Picks
Sponsored by
with one of the people at those stores? They’re bright, educated and industrious but don’t have a clear path to earn more money. With fewer opportunities to earn a large amount of money comes a change in what people desire to have and acceptance of one’s position. Without this acceptance, one faces daily frustration and depression. You may have experienced this in your own life, where you see someone drive past in an expensive car and you know you’ll never be able to afford one like it. You just accept the fact that there are things out of your reach and choose other, more affordable options.
The middle class is disappearing in the United States as the younger generation takes over our world. They don't have the means to buy luxury anymore. The $500 to $2,000 sale that kept jewelry stores alive in the past has become a $50 to $200 sale. That’s now an affordable gift for a generation that doesn’t have the disposable income that the previous generations had, but it’s not enough money to keep mom-and-pop shops in business.
The shift from luxury to lifestyle--an evening out at a restaurant, a day at a spa or a vacation--is not driven by taste alone but by economic factors. The millennials are not rejecting luxury goods as an act of rebellion--after all, every generation rebels against the previous one in some fashion--but because the opportunities for them to earn a wage that will allow them to purchase luxury no longer exist.
Our economy has been divided into the “haves” and “have nots” more than ever before. We have more millionaires and billionaires than our country has ever known and, at the same time, there are more people just getting buy or not getting by at all.
To stay in business today, you have to reduce your expenses to be able to accommodate the customer wishing to make an inexpensive purchase or, if you have the means, upscale your business to accommodate the customer who is truly wealthy.
The millennials have moved away from the traditional jewelry of the past and they aren’t coming back.
It’s not that they can’t be understood. It’s that with the high expenses of life today--health insurance, college loans, the cost of going out for an evening--there just isn’t enough money left to buy luxury goods, and as such they have shifted their values, and what disposable income they do have, to lifestyle purchases.
Retailer Jim Alperin owned and operated James Alperin Jewelers in Pepper Pike, Ohio for more than 30 years. He now lives and works in Delray Beach, Florida and is the author of two novels, “The Moscow Team” and “The Emerald Necklace.” He can be reached at alpjewel@aol.com.
The middle class is disappearing in the United States as the younger generation takes over our world. They don't have the means to buy luxury anymore. The $500 to $2,000 sale that kept jewelry stores alive in the past has become a $50 to $200 sale. That’s now an affordable gift for a generation that doesn’t have the disposable income that the previous generations had, but it’s not enough money to keep mom-and-pop shops in business.
The shift from luxury to lifestyle--an evening out at a restaurant, a day at a spa or a vacation--is not driven by taste alone but by economic factors. The millennials are not rejecting luxury goods as an act of rebellion--after all, every generation rebels against the previous one in some fashion--but because the opportunities for them to earn a wage that will allow them to purchase luxury no longer exist.
Our economy has been divided into the “haves” and “have nots” more than ever before. We have more millionaires and billionaires than our country has ever known and, at the same time, there are more people just getting buy or not getting by at all.
To stay in business today, you have to reduce your expenses to be able to accommodate the customer wishing to make an inexpensive purchase or, if you have the means, upscale your business to accommodate the customer who is truly wealthy.
The millennials have moved away from the traditional jewelry of the past and they aren’t coming back.
It’s not that they can’t be understood. It’s that with the high expenses of life today--health insurance, college loans, the cost of going out for an evening--there just isn’t enough money left to buy luxury goods, and as such they have shifted their values, and what disposable income they do have, to lifestyle purchases.
Retailer Jim Alperin owned and operated James Alperin Jewelers in Pepper Pike, Ohio for more than 30 years. He now lives and works in Delray Beach, Florida and is the author of two novels, “The Moscow Team” and “The Emerald Necklace.” He can be reached at alpjewel@aol.com.
More on Independents
The Latest
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
SourcingOct 15, 2026
Signet Jewelers, Richemont May Join Bidder for De Beers, Report SaysThe two companies are reportedly in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, as per Bloomberg.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
CollectionsOct 15, 2026
Wolf x Marla Aaron's New Jewelry Box Is for Some (Not All) of Your ThingsThe “Some of the Things” box follows the two larger “Everything” box designs with the look and function of antique sewing and toolboxes.
Weekly QuizOct 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 14, 2026
Manuel Marcial de Gomar, ‘The Emerald Whisperer,’ Dies at 90The gem hunter, whose 70-year career was defined by adventure and exploration, is remembered for his steadfast faith and sense of wonder.
FinancialsOct 14, 2026
LVMH’s Jewelry Brands Turn in ‘Very Good’ Performance in Q3 Tiffany & Co. continued its full-scale store renovation project while Bulgari’s high jewelry collection generated “record-breaking revenue.”
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 ProgramThis year’s sessions feature leading voices from human rights, legal, and conservation organizations.
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to BrooklynThe trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
