(IDEX Online) - MVI Marketing LLC (MVI) reports that respondents in a study rated Tiffany, Pandora, Swarovski as the top jewelry brands they own or are most likely purchase.
"In a new jewelry category, over 13% of respondents said they are very likely to purchase lab grown diamonds, over 43% said maybe they would purchase lab grown diamonds but don't know much about them, and 21% said they would probably purchase lab grown diamonds as they are hearing more about them," MVI said.
The survey was the latest in a series of quantitative research studies with Millennial Self Purchasing Females (SPFs) to better understand the opportunity with this unique growth demographic for luxury goods. The study focused on three core product segments: jewelry, shoes and hotels.
"The results reinforce reasons for optimism for luxury brands seeking an entry level point with millennial consumers. In general respondents to this study identified the top three motivators of why they purchase for themselves as: so they can get exactly what they want; to celebrate a milestone; and just because. Nearly 91% indicated they research a brand before buying.
MVI's President Liz Chatelain said, "You can see all the signs of a demographic segment that will be spending for themselves, and for gifts, in increasing numbers and escalating price points. "Luxury brands like Tiffany, Marriott [hotels] and Jimmy Choo [shoes] are already seeing strong penetration based on their recent video content marketing efforts and others seeking an answer to millennial consuming puzzle should become more aggressive with their content marketing to young Self Purchasing Females."
The study was conducted online between 15-20 July and completed by 1,001 US-based females aged 25-40 with a household income of $75,000 and higher.