Despite early indications that the industry was struggling with millennials, they are becoming a huge force in the jewelry market, according to a Millennial Mindset Report prepared by Boston Consulting Group (BCG) in conjunction with Worth Media Group, publisher of the finance and lifestyle magazine Worth.
BCG researchers found that millennials—those born between 1981 and 1996—were more likely to purchase jewelry than older consumers. According to the survey, 55% of millennials bought jewelry in the past 12 months, versus 41% of Gen Xers and 33% of baby boomers, and 48% of millennials made a watch purchase (31% of Gen X and 30% of baby boomers did so). The report also said 63% of millennials bought luxury goods in the past 12 months, compared with 50% of Gen Xers and 31% of baby boomers.
Among ultra-wealthy millennials—defined as those whose net worth exceeds $3 million—71% bought luxury goods, 68% purchased jewelry, and 59% bought watches, the report said.
It identified millennials’ favorite jewelry brands as Gucci, Buccellati, Cartier, and Pandora. Luxury watch preferences included sBreitling, Patek Philippe, Rolex, and Panerai.
“Seventy percent [of millennials] said making a good impression is important to them, with 54% saying they like showing off their wealth and success,” Worth’s executive editor Sean Captain wrote in the report. “Perhaps quiet luxury is dying or never applied as much to this generation.”
(Photo: Getty Images)
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