Millennials spend more on jewelry than any other age group
- Age group between 25-34 spent 28% more than average household
- Consumers are buying more jewelry but at a lower price-per-piece
- Fine jewelry sales in the US reach $68.8 billion
- Watch sales reach $9.13 billion, increasing 7.7%
- Buying season spans throughout the year, with sales during traditional holiday season dropping 1.2%
A report released today by Edahn Golan Diamond Research & Data reveals that for the first time, millennials have spent more than any other age group on fine jewelry. In the last year, the age group between 25 and 34 spent 28% more on fine jewelry than the average household. They aren’t the only youngsters to change their buying habits: consumers under the age of 25 increased their expenditure on jewelry 100% between 2003 and 2013.
Thanks in part to this increased demand, jewelry sales in the past year have risen 1.4%, with fine jewelry sales in the US, the world’s largest market for fine jewelry, totaling $68.8 billion in 2014. Watches have been a particular success story, with sales increasing 7.7%, to $9.13 billion. The average fine jewelry expenditure hit a record $434 per household, and with watches taken into account, it rose to $612 per household.
While consumers are buying more jewelry than ever, they are spending less on each piece. They are also changing when and where they buy their jewelry, with specialty jewelers losing some of their market share and sales at online retailers increasing.
Purchases are taking place throughout the year, rather than being concentrated during the holiday season. In 2014, sales around Christmas dropped 1.2%, though it still remained the main jewelry-selling time.
“The US Jewelry State of the Market Report contains precious data never before seen in the diamond industry, including detailed demographic breakdowns of who is buying what and for how much. It proves that millennials, today’s 20-35 year olds, are driving consumer demand for diamond jewelry in a way that is different from their parents. They are spending more and buying less in a market that is sometimes overwhelmed with product choice,” says Edahn Golan, global diamond consultant and author of the report.
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