New Research Indicates That Millennials and Gen Z are More Likely to Shop For Fine Jewelry This Holiday Season

NEW YORK, Oct. 27, 2020 /PRNewswire/ -- In September 2020, Platinum Guild International USA, the US marketing association for the platinum jewelry industry, commissioned 360 Market Reach to conduct a jewelry buying study. Within the study, researchers specifically looked at the future intent of consumers for the upcoming holiday shopping season and the effects of the COVID-19 pandemic. The focus group was comprised of 1,000 U.S. consumers age 18 to 64, who have or would be open to acquiring fine jewelry, defined as jewelry costing at least $1,000 made with precious metal.

One of the key findings from the study was that approximately half of all Millennials and Gen Z consumers are likely to shop for fine jewelry this holiday season. This is significantly stronger than among older generations.

What type of fine jewelry items will Millennials and Gen Z consumers likely purchase? According to Jenny Luker, president of Platinum Guild International USA, "Given the rise in engagements during the pandemic combined with the holidays traditionally being a key time for proposals, we predict that there will be an increase in platinum engagement ring sales this year. More than ever, couples are looking for rings that symbolize their commitment to each other and are durable and hold their diamond or colored stone more securely, so platinum is the ideal setting. For gifting or self-purchase, we'll see more platinum jewelry designs that are transformative, allowing for more options with one piece of jewelry like layered necklaces as well as timeless pieces including stud earrings and pendants. These are investment pieces of jewelry that will become heirlooms."

When specifically asked about the effects of the pandemic, 1 out of 3 overall respondents cited concern over COVID-19 when planning their holiday shopping. However, 64% of respondents felt 'completely' or 'mostly comfortable' to shop in-store.

Across all age groups, 87% of respondents planned to shop in-store for jewelry, with the majority of shoppers looking to support local and independent retailers. In addition to their in-store shopping, 70% of respondents said they would also be shopping online, with a third selecting national chains' websites as their go-to.

When asked specifically what jewelers can do to make the in-store experience less stressful and shoppers more comfortable, there was a resounding call for both employees and customers to be required to wear masks at all times. Masks were followed by a limitation of the number of customers in-store at one time and the strict enforcing of social distancing measures. Providing hand sanitizer upon entry also scored high marks from consumers. 

The research also reinforced the importance of retailers' continued active communication with their consumers. Using e-blasts, social media channels and even direct mail, retailers should share key messaging that they are open, can offer a safe shopping environment or a seamless virtual experience, for those clients who opt to shop from home.

About Platinum Jewelry

Platinum is the ideal choice for fine jewelry because it holds diamonds and precious gemstones more securely than any other metal. It is not only the highest quality metal, but its density makes it one of the most durable and enduring precious metals. Platinum is also naturally white, unlike white gold, which means it will not cast any tint onto a diamond or gemstone, allowing the stone's genuine color to sparkle brightly. For more information, please visit Platinum Guild International USA's sites:

Consumer website: www.platinumjewelry.com

Facebook page: www.facebook.com/jewelryplatinum

Instagram page: https://www.instagram.com/platinum_jewelry/

Hashtag: #BePlatinum

View original content to download multimedia:http://www.prnewswire.com/news-releases/new-research-indicates-that-millennials-and-gen-z-are-more-likely-to-shop-for-fine-jewelry-this-holiday-season-301160387.html

SOURCE Platinum Guild International USA