“You can see all the signs of a demographic segment that will be spending for themselves, and for gifts, in increasing numbers and price points,” says Chatelain. “Luxury brands like Tiffany, Marriott and Jimmy Choo are already seeing strong penetration based on their recent video content marketing efforts and others seeking an answer to the millennial consuming puzzle should become more aggressive with their content marketing to young self-purchasing women.”
MVI found that more than half (51 percent) of millennial age women surveyed (over 1,000 respondents, aged 25-40, with a total household income of $75,000+) say they are the primary buyer of fine jewelry in their households. In fact, nearly 60% said they were prompted to make their last fine jewelry purchase “just because”. Luxury marketers have begun to evolve their messaging surrounding jewelry, but as millennials become a bigger consumer base for high-end goods, it will become even more important to appeal to women themselves.
Paola De Luca, Founder and Creative Director for the Italian luxury marketing firm The Futurist, publisher of TrendVision, reminds jewelers not to overlook women, 40-55, or even 60, Gen Xers, third largest generation in America following Millennials and Boomers. She is established in the workforce/her career, makes her own money, and isn’t afraid to spend it on herself.