(IDEX Online) - The CIBJO Marketing & Education Commission has released a report on Gen Z, young consumers who are currently 15-25 years old. The report is the first of the CIBJO commissions special reports to be released in the run up to the 2019 CIBJO Congress in Bahrain.
The report provides a breakdown of what the industry needs to consider if it is to ensure that jewelry remains a favored purchase with younger consumers.
"Gen Z is coming to our markets very soon if it has not already arrived in reality," writes Jonathan Kendall, who headed the report.
"Its members are forecast to spend a whopping $143 billion this year alone. So we better get them on our side if we want to enjoy a rosy future. In fact, the future success of the jewellery industry will depend on our understanding the needs and wants of Generation Z. Get this right and we can all look forward to strong profitable years moving forward. Get it wrong and we could be destined for the scrap heap - not overnight maybe, but ultimately."
According to the report, Gen Z members communicate predominantly via social media, value environmental consciousness and gender neutrality. They also celebrate authenticity, diversity and human imperfection and are more likely to heed the advice of a friend rather than a celebrity.
Click here to download a full copy of the report.
The CIBJO Congress in Manama, Bahrain, takes place on November 18.