Annie Doresca and Michelle Graff welcome Reggie Johnson and Sheryl Jones for a frank conversation on the state of DEI in fine jewelry.
Study: 51 Percent of Millennial Women Buy Jewelry for Themselves
Some of their favorite brands include Tiffany, Pandora and Swarovski.
New York—Millennial women who purchase jewelry for themselves present a unique opportunity for luxury brands looking to reach Generation Y, a recent survey conducted by MVI Marketing shows.
A total of 1,001 women between the ages of 25 and 40 located in the United States and with a household income of $75,000 or higher completed the survey, which was conducted online between July 15-20. It focused on three product segments: jewelry, shoes and hotels.
MVI said the results of its study “reinforce reasons for optimism for luxury brands seeking an entry- level point with millennial consumers.”
In fact, MVI has named the consumer segment of the millennial female who purchases jewelry for herself “The Luxury Growth Demographic of Opportunity,” because they have a 30-year-plus spending cycle that’s just beginning, their brand attachments still are in the formative stage and their brand loyalty can be attained by factors like content engagement, style and adornment.
“You can see all the signs of a demographic segment that will be spending for themselves, and for gifts, in increasing numbers and escalating price points,” MVI President Liz Chatelain said.
More than 51 percent of respondents said they purchase jewelry for themselves.
Another 14 percent said they purchase it as a gift for their spouse/partner, 17 percent said they make jewelry purchases together, and 18 percent said their spouse or partner purchase jewelry for them.
When respondents were asked about their motivations for buying jewelry for themselves, the top reasons included being able to get exactly what they want; rewarding themselves for a milestone; “just because;” and commemorating a special memory or trip, among others.
The survey also asked what specific brands respondents owned or were most likely to purchase, and Tiffany & Co., Pandora and Swarovski came out on top. The list also included Alex and Ani, Gucci, Cartier and Tory Burch.
According to the study, nearly 91 percent of survey takers indicated they research a brand before buying it.
Though MVI has done a few other studies about female consumers who buy jewelry for themselves, this was the first time they asked respondents how likely they were to buy a lab-grown diamond.
Forty-three percent indicated they would maybe purchase a lab-grown diamond but don’t know much about them; 21 percent said they would probably purchase a lab-grown diamond as they learn more about them; and 13 percent indicated they were very
MVI also asked survey-takers about their preferred metal for jewelry, and the results were led by white metals: 35 percent said white gold, 17 percent said silver and 15 percent said platinum.
Thirteen percent of respondents indicated they preferred rose gold and 11 percent said yellow.
The remainder said they didn’t know or didn’t have a preference (6 percent) or preferred mixed-metal pieces (3 percent).
The survey also questioned respondents about preferred jewelry designs, and topping the list was diamond jewelry, followed by gemstone jewelry and platinum with diamonds.
Jeff Gennette will step down in February 2024, passing the torch to the CEO of another notable retailer.
Artisan Martin Roberts fashioned lunar meteorites into 48 beads to create this out-of-this-world necklace.
Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
As for new members, the organization welcomed Jewelers of America’s Annie Doresca and Parag Jain of Parag Diamonds.
Jacob & Co.’s new “Billionaire” timepiece features more than 200 carats of yellow diamonds.
Heidi Horten, wife of department store magnate Helmut Horten, collected jewelry from Bulgari, Cartier, Harry Winston and Van Cleef & Arpels.
De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
The jewelry industry insurer and solutions provider is celebrating 110 years in business this month.
Sotheby’s will auction the diamond, which it says is “arguably the most significant pink diamond to ever appear at auction,” in June.
The retailer, recently acquired by Signet Jewelers, will lay off 119 employees in July.
The Swiss watchmaker introduced 17 new models at Watches & Wonders Geneva.
As part of the promotion, Smith will share his sales expertise during a 90-minute training session.
At Watches & Wonders, the Swiss brand unveiled a follow-up to last year’s Tonda PF GMT Rattrapante.
The “rêve” collection’s engagement rings and wedding bands are geared toward “sustainability minded customers.”
A new word appears on the dial each day of the week.
Bensons Jewelers closed for good Feb. 24, impacted in part by the decline in foot traffic downtown since the onset of the pandemic.
Kolja Kiofsky has been with the crystal and jewelry company since 2010.
The Kruse GWS Auctions sale will include the replica “Taj Mahal” necklace Elizabeth Taylor made with Avon as well as a costume piece Marilyn Monroe wore.
Massimo Basei is moving up, while Chief Commercial Officer Martino Pessina is stepping down.
AGTA GemFair and the Denver Gem & Mineral Show also will have a presence on the show floor.
Sold by Christie’s Hong Kong, this masterwork of complications now holds the record for most expensive watch ever auctioned online.
The watch company expects first-quarter sales to fall as much as 15 percent due to inflation and tough comps.
Adam O’Grady, general manager of the Lightbox Lab, has taken on the new role and will report directly to Lightbox CEO Antoine Borde.
The watch marketplace gathered data from 1.3 million collectors, highlighting the most popular timepieces and exploring value appreciation.
Burgundy has opted not to exercise its option to buy the mining claims Gibb River Diamonds currently owns.
Patented and specialty cuts now can receive an 8X Proprietary Certificate, which can be customized to include a company’s brand and logo.