Surveys

Affluent Millennials Expected to Spend More on Fine Jewelry

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.
“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, YouGov
YouGov 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.
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Set of four Patek Philippe “Star Caliber 2000” pocket watches
AuctionsSep 17, 2025
Mythical Set of Patek Philippe Pocket Watches Expected to Sell for $10M+

A set of four Patek Philippe “Star Caliber 2000” pocket watches is part of Sotheby’s upcoming auction in Abu Dhabi.

Journey of a Jeweler by Silvia Furmanovich
TrendsSep 17, 2025
Silvia Furmanovich’s Book Tells the ‘Journey of a Jeweler’

The Brazilian jeweler’s latest book marks her namesake brand’s 25th anniversary and tells the tale of her worldwide collaborations.

1978 Rolex Submariner Ref. 1680 Tiffany Dial
WatchesSep 17, 2025
Bob’s Watches Acquires Vintage Rolex Won on ‘The Price is Right’

The Submariner Ref. 1680 with a Tiffany & Co. dial came from the original owner, who won it as a prize on the game show in the 1970s.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

Jewelers Mutual Group logo
TechnologySep 17, 2025
Jewelers Mutual Launches Shipping Solution App for Shopify

The new integration allows users to manage shipments directly from the Shopify dashboard.

Weekly QuizSep 12, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Shot of one of the pools at the Omni La Costa Resort & Spa in Carlsbad, California
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in Carlsbad

At Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.

Crime police cars
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop Shootout

Six people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Chopard Ice Cube Modular Necklace
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule Collection

The jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.

Natural Diamond Council Retailer Accreditation Program seal
SourcingSep 16, 2025
Natural Diamond Council Launches Retailer Accreditation Program

Ben Bridge Jeweler and Lux Bond & Green were a part of the pilot program. 

Kristen Bell, Angela Bassett, Lisa Manobal
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy Awards

Associate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.

Buffalo Emerald
SourcingSep 15, 2025
Gemfields Achieves $32M at High-Quality Emerald Auction

It included the sale of the 11,685-carat “Imboo” emerald that was recently discovered at Kagem.

8.33-carat emerald-cut no-oil Brazilian emerald, A. Kleiman & Co.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors

The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.

Rough montana sapphire
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, Montana

Associate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.

Arunashi Fordite and Rhodolite Earrings
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite Earrings

Fordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.

Susan Jacques and Al Gilbertson
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley Award

Gilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.

Supreme Court stock image
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November

A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.

Tabayer’s Nordstrom Shop-in-Shop
MajorsSep 11, 2025
Tabayer Opens Nordstrom Shop-In-Shop

Located in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.

De Beers education app on mobile phone
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for That

The new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.

Gold jewelry on a scale
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to Account

As the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.

Jacob and Co Loewe headphones
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. Headphones

Jacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.

Tiffany & Co Favrile Beetle Necklace in Frankenstein
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’

Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.

24 Karat Club banquet
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf Astoria

The Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.

Anglo American’s Quellaveco copper mine in Peru
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner

Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.

The Mellon Blue diamond
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s

The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.

Dianne Batista Phillips Auctions
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New York

The industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.

Anastacia Lauren, Elle Jerge, Logan Nye
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship Winners

The nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy