Jewelry is evergreen which is never an off-topic whatever period you may consider from ancient to modern. Nowadays, everyone wants to possess jewelry because of its durability, safe investment, or whatever reason you may have to buy it for yourself and your loved ones. Today, I would like to talk about two such generations of mankind i.e., millennials and Gen Z before digging deep into the stylish, debonair, lariat necklace and up to date collection of Jewelry for millennials and Gen Z. It is important to know at least something about their needs, likings, preferences, and behavior in terms of shopping patterns.
Millennials
Millennials are also known as generation Y, who refer to those people who were born in the 1980s and 1990s or, we can say people who are between 30-45. Talking about millennials, they are the people who see the rapid growth of the internet all their life, most of them must be a part of this rapid growth. This might be one of the many reasons why they trust the internet for their decision-making on most occasions.
Today approximately 82 million millennials are there out of which 10 million. Nearly 12.20% are considered to be affluent and 50% of affluent millennials are women. Whether you consider it as a stereotype or whatever, Jewelry is related to women in many ways. This could be one of the most intriguing pieces of data that drive Jewelry business professionals’ interest in millennials. This group is generally for their spending power which is quite high.
Generation Z
Those people who were born after 1995 fall into the categories of Gen Z. These are the people who are in their twenties or their mid-twenties at most. So in general we can say that Gen Z refers to the group of younger people. As we know that the younger generation is more ambitious and tech enthusiastic at the same time. If millennials are the pioneer of the online world, then these generations are the heart and soul of the same. They generally don’t prefer the traditional way of shopping. At a very early age, they were introduced to the digital world so the internet has a lot of influence on the decisions they make in their lives. They don’t have that much spending power like millennials in general but this statistic is expected to get as time passes by.
Millennials v/s Generation Z
Despite being such differences in the generations between them they could be a potential customer in the jewelry business.
1. Choice
Millennials are generally fonder of more vintage collections. On the other hand Gen Z prefers to keep it simple and fashionable. In other words we can say they prefer dainty jewelry over other types of Jewelry. These two categories form most of the Jewelry market. So, every business must think about their interest before planning any marketing campaign.
2. Value
Both groups have different thought processes, purchasing power, and reasons. approximately 26% of Gen Z are less likely to deal with businesses that disregard environmental concerns and ethical trading behavior. Both conditions influence the decision-making of the younger ones. They prefer those brands that align with their thinking while millennials think more about the brand while shopping for jewelry. They prefer valuable jewelry products and they are versatile in having the fusion of heavy jewelry and light fashion jewelry at the same time.
3. Following the latest video trends
Millennials love video, research has shown that most often millennials find videos most convenient as video helps them arrive at the right conclusion and save them to research about the product. So brands need to make engaging and entertaining videos. Always remember that to be able to connect to potential buyers, you must understand the needs of the consumer.
So, take time to personalize your video marketing process to the buyer’s context by showing them that you understand them better than others. The best for the jewelry business is to have a Youtube channel and make some informative videos related to jewelry and their business. Therefore, they can attract potential new generation customers just like the attractive piece lariat necklace.
4. Online presence
Both the groups want seamless experiences, specifically Gen Z the younger ones. To meet the demand of the consumer brand must-have websites, social media pages, and apps. The brand must respond to customer queries and feedback. your website must load faster than they could click the exit. This is because 60% of your potential buyers will refuse to wait for a website or a mobile application that’s too slow to load.
The best idea is to get your online presence by handling your social media platforms in excellent form. Therefore, you can gain extreme traffic and customers booking at your platform who are true jewelry lovers.
5. Sustainable Jewelry
Sustainability is the future and the millennials and Gen Z focuses on buying jewelry for the same good cause. Here in the Millennials are the luxury jewelry lovers but on the other side, they are environment quotient people. The reality lies in the extraction of expensive jewelry like gemstones, diamonds, and precious metals from the Earth’s ground. That eventually depletes the natural resources and destroys the ecosystem.
Therefore, they often prefer buying recycled jewelry that reduces the harmful precious metal extraction. Also, the precious metals are pure and rare in form so polishing them makes them look just like a new one.
In this specific section, the heirloom jewelry can come in the picture. As there is much jewelry kept in the jewelry box that is associated with great grandparents. So, one can take them to the jewelry shops and get them polished and can adore them in their most transformed form. Therefore, you jazz up the aesthetic jewelry in new fashion terms and get the blessings of the forefathers as well.
While the jewelry advertising business has started making an online presence they can interact with these potential customers through social media.
Conclusion
So far we have tried to understand the point of view of both millennials and Gen Z both have their likings and disliking. They prefer their research methods before buying any product. Every brand must develop its strategy to entertain both groups as they form most of the market. Therefore, have an open minded strategy for the millennials and Gen Z customers.
