Younger Consumers Buying More Precious Jewelry

RAPAPORT... Millennials and Generation Z will lead growth in precious-jewelry sales in the coming year amid rising consumer sentiment and an increasing attachment to emotional gifts, according to Platinum Guild International (PGI)."Younger consumers...will be the driving force in the precious-jewelry market," PGI revealed in survey results last week. "Not only because they are the core consumers for bridal jewelry: According to the survey, more consumers aged 18 to 45 have plans to buy non-bridal precious jewelry in the next quarter and within the next year, either for themselves, or for gifting."The majority of consumers questioned in China, India and the US - three of PGI's four key markets where it conducted the survey - displayed stronger willingness to spend on precious jewelry in the third quarter of 2021, the group noted. Some 78% of Chinese consumers planned to maintain or increase their current spending, compared to 72% in the second quarter. In India, that figure increased to 68% in the third quarter from 60% during the previous period, and to 63% in the US, compared to 60% in the second quarter.When asked about materials, 90% of Japanese women aged 18 to 30 who were interested in the category chose platinum for engagement rings, while 75% selected it for wedding bands. That compares to fewer than 70% in the previous three quarters, PGI noted. In the US, preference for platinum engagement rings among women aged 18 to 45 was stronger than in the past nine months."The third-quarter consumer survey shows a stronger willingness of consumers across three major markets to spend on precious jewelry, especially when pieces are associated with an emotional connection," said Zhenzhen Liu, director of global corporate marketing for PGI. "Also, millennials and Gen Z consumers, who are leading the future market growth, have given more attention to platinum to express their value and celebrate special moments and cherished relationships."Image: Platinum wedding bands. (Shutterstock)