Recently, Silver Institute published the report that looks at silver jewelry buying habits by generation. Millennial Females are Purchasing More Silver Jewelry than Other U.S. Demographic Groups.
From the Silent Generation (born before 1945) to the Gen Z Generation (born 1996 to the mid-2000’s), each demographic has its own approach to buying silver jewelry, and these habits are explored in a new Silver Institute Market Trend Report, Trends in Silver Jewelry Purchases.
The report offers an in-depth look at Millennials and their jewelry-spending habits and what motivates them to buy silver jewelry. For example, the Jewelers Collective found that in 2020, the most recent data available, the age group purchasing the most silver was females between 20-40 years old. The report also reviews silver jewelry trends and silver’s status compared to gold jewelry purchases and concludes with a review of silver jewelry demand post Covid-19.
One key takeaway from the report, authored by The Jewelers Collective, a jewelry trade magazine, is that even during the economic downturn of Covid-19, jewelry consumers were still shopping and giving gifts to family, friends, and themselves. The reported stated: “There is something about the emotional embodiment found in a gift of jewelry that is propelling a boom in sales since April 2020. It is believed that this rise is likely to continue due to the consumer’s demand for quality and more meaningful items.”
The report also suggests ways for jewelers to effectively reach various demographic groups as promotional tactics vary greatly for each generation. Silents for example, respond well to traditional marketing networks, whereas Millennials are reshaping the way that goods and services are being marketed by staying somewhat unresponsive to traditional advertising tactics.
The report concluded: “Branded fine jewelry is expected to be on the rise, with an annual growth rate of 8 to 12 percent from 2019 to 2025. This means that branded fine jewelry will grow approximately three times faster than the total market. Due to its price points and design capabilities, branded silver jewelry is presented with strong opportunities for growth.”
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