“The Rise of Millennial Influence in the Fashion Jewelry Industry”

People born between 1980 and 1995 often get labeled as “millennials.” Although they experienced the rise of digital technology during their formative years, they cannot be classified as actual “digital natives” because they did not have access to the same level of technology and communication we have now. While most had a computer at home and likely a flip phone as their first cell phone, they did not have the same level of connectivity that we enjoy today. Over the years, analysts have drawn many conclusions about this generation, including their affinity for avocado toast and their diminishing interest in owning homes.

Despite what is typically believed about millennial behavior, one noticeable trend in consumerism is their jewelry preferences and sales. Contrary to the usual narrative of declining purchases, millennial jewelry sales are increasing. They are changing the game by being more aware of individual likes and desires rather than following the norm.

Millennials are transforming the jewelry fashion industry in many ways. These transformations include the following:

Gold

The value of gold as a currency has a clear place in human history. Historically, the value of gold as jewelry comes from human perceptions of beauty, and as perceptions change over time, it’s expected that each generation reevaluates jewelry.

The demand for gold jewelry in the US continues to rise. The industry benefits from the currently low price of gold and increased sales. As this generation begins to spend more of their income on experiences instead of physical items, jewelers hope to attract millennials into spending that extra income in their stores since disposable income is expected to increase in the coming decades.

Diamonds 

Diamonds are always a timeless classic. The modern view of diamonds can be credited to De Beers. De Beers restricted the diamond supply to increase demand and drive profits intentionally. Through a genius marketing ploy, De Beers started the “A Diamond is Forever” campaign that created the modern concept of a diamond engagement ring. 

One of the defining aspects of this current generation is that they make a conscious effort to purchase sustainable goods for the environment across all commercial segments, and diamonds are no exception. Surveys have shown that 75% of people are willing to pay more for a sustainable or ethically harvested diamond or another gemstone. One option is to purchase synthetic diamonds grown in a laboratory rather than mined from a traditional source.

These shifts in sustainability attitudes have sparked the uprising of startups like Ada Diamonds. Lab-created jewelry from AdaDiamonds offers diamonds at a fraction of the cost and environmental impact compared to traditionally mined diamonds. Lab-grown diamonds reduce the burning of diesel fuel and other ecological damage when mining traditional diamonds and are created ethically. While some might be skeptical that lab-grown diamonds are not up to the same quality as conventional diamonds, this has proven false after many trials. Lab-grown diamonds are a great alternative to traditional diamonds for the millennial generation.

More good news for the millennial buyer is that these lab-grown diamonds are also 40% cheaper on average than traditional diamonds. As the technology for creating these diamonds becomes more affordable, the sustainability craze will make lab-grown diamonds more popular. 

Wearables

Beyond fashion, millennials also want their jewelry to be functional. Wearables are a fast-growing industry. With many options, such as Fitbits or Apple Watches, millennials can have style and function on their wrist. Many high-end brands, such as Michael Kors, have launched their wearables or gone the route of Tory Burch and Hermes and designed luxury Fitbit bands and covers. 

Online Shopping

While still relatively small in online purchases, online jewelry sales continue to grow yearly. Millennials are much more comfortable making online purchases, particularly with jewelry, than earlier generations who might have been more skeptical. Brands continue to build their online presence to meet the needs of millennials and build top-notch customer experiences. Online jewelry shopping has become increasingly popular among individuals, regardless of their relationship status or gender identity. Many people now enjoy the convenience of being able to purchase high-quality pieces without having to wait for a special occasion.

An additional advantage to online shopping is the ability to shop for customized or pre-made pieces. Millennials enjoy shopping with online retailers that offer 24/7 customer service, free shipping, easy returns, and secure checkouts. 

Shopping by Social Influence

Studies have shown that millennials tend to buy more fashion items when influencers or celebrities endorse those items. Social media advertising and endorsements by celebrities and influencers are now major factors in the jewelry industry. rewardStyle, founded in 2011, is a platform that enables fashion bloggers and social media influencers to promote fashion brands and earn money through sponsored posts and endorsements.