Millennial women in the US have a distinct preference for luxury goods that are authentic, unique and not mass-produced, reveals a study conducted by the Diamond Producers Association (DPA), with 94% of the highest earning millennials expressing a preference for one more expensive item that is genuine, over lots of cheaper ones, the DPA said in a statement.
While nearly 9 out of 10 women (89%) confirmed that they are looking for authenticity when buying luxury items such as diamonds, they also indicated preference for fewer and finer items, DPA reported.
Some of the other key findings of the study are:
Long term value – emotionally and financially. 75% of millennial women see diamond jewellery as an investment in themselves and 82% see diamond jewellery as a long-term investment; among the highest earning millennials ($150,000+) these numbers jump to 94% and 91%, respectively. These stats help explain why millennial self-purchase of diamonds continues to grow, with a recent De Beers report showing self-purchase by U.S. millennials accounted for 31% of all non-bridal diamond sales in 2015, compared with 25% in 2013.
Pride in legitimacy of goods purchased. Nearly 9 in 10 (89%) 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% saying they would be embarrassed knowing that they own a knock-off, especially for luxury items.
Expression of self-confidence. Luxury goods offer modern women a way to visually express their self-confidence – with 2 in 3 (66%) millennial women saying they feel more confident in themselves when wearing diamond jewellery.
Deborah Marquardt, Chief Marketing Officer of the DPA said, “Millennial consumers in particular are defining luxury beyond price. 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 DPA commissioned survey to understand the relationship between women and luxury goods was conducted online by KRC Research in mid-July and covered 995 millennial women between the ages of 18-34 in the US.
Pic caption: Jade Trau Crescent Hoops
News Source : gjepc.org