The bain report: millennials share the same attitude and love diamonds as another generation.
Written by bain & company and the AWDC recently released “global diamond report 2016” covers in 2015 and early 2016, the development of the industry and pay close attention to the millennials (about) was born in 1980 to the beginning of the 21st century people as a new diamond category buyers. Millennials from China, India and the United States consumer preferences associated with diamond survey an undeniable conclusion is that the millennial generation and the older generation is the only significant difference between how they purchase diamond jewelry (shopping behavior and the reaction of the market) than their attitude to the diamond jewelry. Given its growing number and growing purchasing power, the report argues that millennials are a compelling opportunity for the diamond industry.
In terms of size, current and future consumption levels and positive attitudes towards diamond jewelry, age groups are similar to previous generations. However, as mentioned above, the difference in shopping behavior indicates that special marketing efforts and targeted customer acquisition strategies are needed to effectively reach this group of customers. In 2015, the number of millennials in China, India and the United States was about 900 million, accounting for 27% to 35% of the total population. Their total revenue is about $8 trillion, and if they were a country, they would be the world’s fourth largest economy, behind the United States, the European Union and China. By 2030, the combined revenue of millennials could double to $16 trillion, or 38 percent of total revenue.
For the diamond industry, the first promising finding is that millennials think engagement rings are more expensive than non-millennials. In addition, jewelry is still one of the three most popular gifts among all consumers, ranking third in the United States and first in China and India.
China and India’s millennials make jewelry their first choice. A gift category, not millennials, came in second, while millennials were third in terms of money and electronics. In addition, millennials tend to make as much money as other age groups. American millennials tend to use the Internet more often to buy jewelry. In China, they tend to be professional retailers, whereas in India they tend to choose department stores.
When asked about synthetic diamond cause feelings, millennials reported “false”, “false”, “not true”, “cheap” and “priceless” negative association, such as “cheap” and “technology” and “affordable”; The millennial generation in China and the United States are considering using synthetic materials as a substitute for natural diamonds, they think the price of synthetic materials is a major determinant of their lower, while India think they think the price in China and India, millennials the introduction of advanced technology of synthetic fiber production as the second largest determinants, any mention of the synthetic diamond moral standards are negligible.