SurveysApr 03, 2025
2025 Retail Sales to Grow More Slowly Amid ‘Uncertainty,’ Says NRFThe National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.
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
TrendsApr 03, 2025
Tallulah Willis Imbues Antique Engagement Ring With MagicThe 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.
SourcingApr 03, 2025
Canadian Mine Produces 158-Carat Yellow Diamond Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
CollectionsApr 03, 2025
Buccellati to Open Immersive Exhibition in MilanThe multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.
Weekly QuizMar 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesApr 03, 2025
Jewelers of America to Hold Webinar on TariffsThe virtual event will take place April 7 at 3 p.m.
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a ZooThe pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For NowParent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.
SourcingApr 02, 2025
Winston’s Collection of Natural Color Diamonds Now on Display in D.C. Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.
Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
