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.
SurveysMay 11, 2016
Affluent Millennials Expected to Spend More on Fine Jewelry
Though luxury spending is predicted to decrease by 1 percent in 2016, high-income millennials and Generation X will play a bigger role in fine jewelry purchases, a recent study predicts.
New York--The high-earners of the millennial generation will have a big impact on the fine jewelry market this year, according to YouGov’s Affluent Perspective Global Study.
The study is based on insights from 5,196 affluent respondents across 12 countries.
In the United States, respondents were divided into three categories: the base affluent ($150,000 to $199,000 in household income), middle affluent ($200,000 to $349,000) and upper affluent ($350,000 and over).
Overall, the study found that fine jewelry purchases are expected to decrease 11 percent to $14.4 billion this year, while watch purchases are predicted to decrease by more than 3 percent to a market value of $6.7 billion in 2016.
While spending on jewelry and watches is expected to drop, affluent millennials are expected to really step up their spending this year.
According to the study, the generation’s purchasing of fine jewelry could increase by as much as 22 percent in 2016, while spending on watches could rise by 10 percent.
Affluent members of Generation X also are expected to increase their spending in fine jewelry by nearly 7 percent, while watch spending will be nearly flat.
Overall, YouGov has forecasted about a 1 percent reduction in luxury spending this year among all affluent groups, with the exceptions being millennials and America’s 400,000 wealthiest households, whose spending is expected to increase by 8 percent and 10 percent, respectively.
“It’s important not to lose sight of the fact that this year, Boomers and Gen X together will spend 4.5 times more than the millennials across the nine categories we monitor,” said Cara David, managing partner at YouGov. “Marketers should be
careful not to sacrifice one for the other.”
In 2016, discretionary spending across the nine categories that YouGov monitors in its study is expected to reach $277 billion, which is a $2 billion decrease from 2015. Only two of those categories will see an increase this year--travel (up 10 percent) and fine dining (up 5 percent).
The remaining seven, which includes fine jewelry, all are expected to see decreases. Spending on apparel, accessories, handbags, home items, and fine jewelry and watches will see a cumulative 11 percent decrease in spending, from $132 billion in 2015 to $117 billion this year.
For most millennials, this introduction into the luxury market came as a result of its being gifted to them, with the early adoption among the generation mostly as a result of their parents serving as the catalyst.
Millennials also cited price as the number one indicator of luxury, David noted.
“For luxury brands and luxury brand managers, this means that there is a need to help them evolve from a relatively immature consumer to one that will come to appreciate the true value of luxury including the artistry and craftsmanship of the product or experience itself,” she said.
In 2016, discretionary spending across the nine categories that YouGov monitors in its study is expected to reach $277 billion, which is a $2 billion decrease from 2015. Only two of those categories will see an increase this year--travel (up 10 percent) and fine dining (up 5 percent).
The remaining seven, which includes fine jewelry, all are expected to see decreases. Spending on apparel, accessories, handbags, home items, and fine jewelry and watches will see a cumulative 11 percent decrease in spending, from $132 billion in 2015 to $117 billion this year.
“It’s important not to lose sight of the fact that this year, Boomers and Gen X together will spend 4.5 times more than the millennials across the nine categories we monitor. Marketers should be careful not to sacrifice one for the other.”--Cara David, YouGovYouGov also found that people are being introduced to the luxury market at earlier ages. The study shows that 90 percent of affluent millennials have already been introduced to luxury by the age of 37. Only 72 percent of those in Gen X, 61 percent of baby boomers and 55 percent of “matures” had their first experiences by this age.
For most millennials, this introduction into the luxury market came as a result of its being gifted to them, with the early adoption among the generation mostly as a result of their parents serving as the catalyst.
Millennials also cited price as the number one indicator of luxury, David noted.
“For luxury brands and luxury brand managers, this means that there is a need to help them evolve from a relatively immature consumer to one that will come to appreciate the true value of luxury including the artistry and craftsmanship of the product or experience itself,” she said.
More on Surveys
The Latest
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.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 07, 2026
AGTA Extends Deadline for 2026 Spectrum Awards EntriesParticipants now have until Oct. 14 to complete their submissions.
Policies & IssuesOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
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.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
Events & AwardsOct 06, 2026
JIS Fall Returns to MiamiThe 2026 edition will feature presentations on alternative materials and design trends, as well as pop-up activations on the show floor.
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
