jewellery and millennials

Jewellery and millennials

If pieces of fine jewellery really exist that can create an innate emotional bond, then these are, without a doubt the jewels for the job. They exist to be eternal, to accompany us throughout our lives, this is just one of the many reasons we are drawn to them. And today we ask ourselves, what is the true relationship between jewellery and millennials?

The relationship between jewellery and millennials

Millennials, defined as young people born between the 80s and 99s, are perceived as the new consumers who have not only changed the rules of the game, but made up their own set of rules.

One of the factors changing the most among millennials is their buying behaviour. Millennials no longer wait for jewels to be given to them, they buy them for themselves. They have changed from passive consumers to totally active ones.

In addition, these young people prefer to spend their money on designer jewellery, just as they prefer to purchase diamond jewellery. According to a study published by De Beers, millennials spent about 2.5 billion dollars last year in the main markets of the world: the US, China, Japan and India. This growth in the sector of diamond jewellery is expected to continue to rise on the part of the millennials over the next 10 years. If we translate these figures by inhabitants, these four main world markets represent 220 million people, which constitutes a 73% of the demand of these gems.

In our country, Spain, there are an estimated 8 million young people. In terms of sales in the jewellery sector, 2016 closed with an increase of 3.4%, reaching a total of 1.65 billion euros. The reason? According to data provided by the DBK Sector Observatory, this growth could be related to tourism and to the improvement of private consumption.

So, the relationship between jewellery and millennials seems to be on the rise. From Ramón, we will be keeping an eye on this evolution, as everything indicates that it will be a very favourable relationship.

*Cover image provided by: LovEventos

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