Seventy five percent of US millennial women see diamond jewellery as an investment in themselves and 82 percent see diamond jewellery as a long-term investment. Among the highest earning millennials ($150,000+) these numbers jump to 94 percent and 91 percent, respectively. These statistics help explain why millennial self-purchase of diamonds continues to grow, with a recent De Beers report showing self-purchase by US millennials accounted for 31 percent of all non-bridal diamond sales in 2015, compared with 25 percent in 2013.
These findings are among the results of a new study to understand the relationship between women and luxury goods commissioned by “Real is a Diamond,” the generic diamond promotion initiative launched by the Diamond Producers Association (DPA).
The study also found that nearly 9 in 10 (89 percent) millennial women look for authenticity when purchasing diamonds and luxury items, and this desire for authenticity is even greater among high-earning millennials, with 85 percent saying they would be embarrassed knowing that they own a knock-off, especially for luxury items.
Another key finding was that luxury goods offer modern women a way to visually express their self-confidence — with 2 in 3 (66 percent) millennial women saying they feel more confident in themselves when wearing diamond jewellery.
Among the study’s conclusions are that despite living in a world of fast-fashion and unlimited choices, millennial women crave the opposite. This sentiment is apparent in the “buy less, buy better” mentality prevalent today.
The study’s findings also speak to a preference for ‘the real deal,’ with nearly 9 in 10 (89 percent) looking for authenticity when buying luxury items such as diamonds. Not only are millennials expressing a preference for authenticity in luxury goods, the survey also found they prefer fewer and finer items – with 94 percent of the highest earning millennials expressing a preference for one more expensive item that is genuine, over lots of cheaper ones.
“Millennial consumers in particular are defining luxury beyond price,” said Deborah Marquardt, Chief Marketing Officer of the Diamond Producers Association. “When evaluating luxury purchases, they seek items that are genuine, unique and not mass-produced, and have inherent meaning and value. This preference speaks directly to the diamond promise – in an increasingly artificial world diamonds remain authentic, rare and precious.”
The survey was conducted online by KRC Research from July 10 to July 14 among 995 millennial women between the ages of 18 and 34 in the US with a margin of error of 3 percent.
https://www.gemkonnect.com/news/us-millennials-see-diamond-jewellery-long-term-self-investment-dpa