MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
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
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
