Diamonds rank high in younger buyers’ wish lists
Diamonds are increasingly finding favour among a younger generation of buyers who purchase diamond jewellery for themselves or as a gift, revealed the Natural Diamond Council (NDC).
According to a survey – commissioned by NDC and conducted online by 360 Market Reach in October 2020 – of 5,000 respondents, Americans aged 18 to 39 place diamond jewellery high on their shopping lists even during the pandemic.
The study was conducted to better understand the desirability of diamond jewellery among, and perceived values and shopping habits of, American millennial (aged 25 to 39) and Generation Z (aged 18 to 24) buyers.
These consumer groups collectively account for 38 per cent of the adult population but more than 60 per cent of demand for diamond jewellery and their incomes are projected to rise by more than 70 per cent in the coming decade.
“Looking forward, this group plans to continue purchasing diamond jewellery in the year ahead, mostly following acquisition patterns seen in the last two years but potentially with increasing use of social media to provide inspiration,” the NDC study said. “For gift purchases there may be increased involvement of the recipient in the research and purchase decision.”
The survey also touched on the importance that consumers attach to a diamond jewellery’s lasting value, uniqueness, emotional connection and versatility. There is also strong satisfaction among buyers, with those who purchased or received diamonds considering acquiring more.
Half of the respondents bought diamond jewellery for themselves, with 72 per cent of female purchasers having bought at least one piece for themselves compared to 23 per cent for men. Women considered the following when shopping for diamond jewellery: Design, with 51 per cent saying they found a piece of jewellery they really loved; versatility, with 49 per cent claiming the piece can be worn and appreciated every day; and long-term style and value at 46 per cent.
On the other hand, almost 80 per cent of buyers acquired diamond jewellery as a gift.
Diamond earrings and necklaces were the most preferred pieces, with their popularity fueled by the pandemic and the so-called ‘Zoom buying,’ NDC said. Rings are the next most favoured products. The average price of diamond pieces bought in the last two years was US$2,400, with males paying US$3,000 and females shelling out US$1,900.
In 2021, interest in diamond jewellery among millennials and Generation Z buyers will remain high but social media is expected to play an increasingly important role in inspiring their actions, said NDC.