Growing Interest in Precious Jewellery, Especially among Millennial and Gen-Z Consumers Provides Opportunities for the Global Jewellery Industry
Stronger willingness to spend on precious jewellery in Q3 2021
The majority of consumers across China, India, and the US displayed stronger willingness to spend on precious jewellery during Q3, compared to the previous quarter. In Q3, 78% of Chinese, 68% of Indian and 63% of American consumers plan to maintain their current spending or increase spending levels in this category, compared to 72%, 60% and 60% in Q2, respectively.
Platinum gets more attention amongst younger consumers in multiple markets
When asked about preferred materials for different kinds of precious jewellery the consumer would like to purchase or receive, an increased preference for platinum is observed in some product categories in Q3 among young women in China, Japan and the US. For example, for engagement rings and wedding bands, Japanese women aged 18-30 who are interested in this category showed an increased preference for platinum at 90% and 75%, respectively, compared to less than 70% in the previous three quarters.
Chinese women in the same age group also expressed an uptick in their preference for platinum wedding bands and engagement rings compared with the last three quarters. In the US, meanwhile, preference for platinum engagement rings among women aged 18-30 and 31-45 also rose to the highest levels compared with the previous three quarters, at 34% and 49%, respectively.
Millennials and Gen-Z consumers are the driving force of future purchases
Younger consumers, such as Millennials and Gen-Z, will be the driving force in the precious jewellery market. Not only because they are the core consumers for bridal jewellery, according to the survey, more consumers aged 18-45 have plans to buy non-bridal precious jewellery in the next quarter and within the next year, either for themselves or for gifting.
“The third-quarter consumer survey shows a stronger willingness of consumers across three major markets to spend on precious jewellery, especially when pieces are associated with an emotional connection. 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. This creates an exciting opportunity for the jewellery industry to seize”, said Zhenzhen Liu, Director, Global Corporate Marketing of PGI.