There are currently 11.8 million millennials ages 18-30 living in U.S. households with annual incomes exceeding $100,000. By 2018, millennials will take over the luxury market.* Is the jewelry industry ready?
It’s a question the team at Jewelers Mutual has been asking itself. As a new reoccurring series, we’re proud to bring you Millennial Insights, to help strengthen and grow your business with the emerging next generation of luxury consumers.
We recently teamed up with Jeff Fromm, marketing strategy consultant and President of FutureCast, in a research study to better understand this growing segment of the population and key driver to the entire jewelry market. Here’s a piece of what we learned.
The most authentic brands are the ones that stand for more than their bottom lines.
So how does this apply to you? One way you can resonate well with millennials is to put a spotlight on the pieces and the brands you carry. As an example, you could highlight the story of conflict-free stones and recycled pieces. Sharing the story behind a piece is a great way to put an extra value on the item you are about to sell.
For example, Alex and Ani shares the story of their meaningful, eco-conscious jewelry made in America.
Alex and Ani Cabernet Unexpected Miracles Charm Bangle
Photo Courtesy: Alex and Ani
Each piece contains a story. Such as the Cabernet Unexpected Miracles Charm Bangle. Alex and Ani represents the bangle with a meaningful message, “The humble acorn holds the potential of the mighty oak. Sometimes, the biggest blessings come in the smallest packages. Recognize and receive the serendipitous gifts of the universe. Miracles come when you least expect them.”
Brilliant Earth also strives to provide the highest quality jewelry, by cultivating a more ethical, transparent and sustainable jewelry industry. They are constantly sharing their message of raising awareness, bettering the community and respecting human beings and the environment.
Dusk Diamond Ring
Photo courtesy: Brilliant Earth
Fair Trade Jewellery Co. (FTJCO) has certified their business from inside and out to show their commitment to the earth. They are a certified B Corporation, meaning they have met a 360 degree view of their ethical practices and how they change positively to impact the world around them. They also highlight the use of fairtrade and fairmined gold.
Fairtrade and Fairmined Silver Mother & Child Birthstone Pendant
Photo Courtesy: FTJCO
While these brands have made a corporate effort to highlight their stories, it is possible to integrate similar messages into your store. Have options available for a customer who asks for recycled or ethically sourced pieces, and be willing to share the story behind that piece or designer.
Another option to authenticate your store brand would be getting involved in your local community. Sponsor a local event, support a local charity, or have a staff volunteer day. Showing your care for the well-being of the community and general population is also a plus among your millennial shoppers.
|How are you sharing the story of your store? Let us know in the comments section below or email us at firstname.lastname@example.org!|
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