Press Releases

CIBJO Releases Marketing and Education Special Report, Analyzes ‘Next Great Jewelry-Buying Generation’

Generation Z ‘is coming to our markets very soon if it has not already arrived in reality.’

Published

5 years ago

September 15, 2019

INSTORE Staff

(PRESS RELEASE) MILAN, ITALY — With fewer than 10 weeks to go until the opening of the 2019 CIBJO Congress in Manama, Bahrain, on Nov. 18, the first of the CIBJO commissions’ Special Reports has been released. Prepared by the CIBJO Marketing & Education Commission, headed by Jonathan Kendall, the report returns to what has been defined as the next great jewelry-consuming group, Generation Z, providing a breakdown of what the industry needs to consider if it is to ensure that jewelry remains a favored purchase.

Generation Z refers to consumers who currently are 15 to 25 years of age.

“Gen Z is coming to our markets very soon if it has not already arrived in reality,” writes Kendall. “Its members are forecast to spend a whopping $143 billion this year alone. So we better get them on our side if we want to enjoy a rosy future. In fact, the future success of the jewelry industry will depend on our understanding the needs and wants of Generation Z. Get this right and we can all look forward to strong profitable years moving forward. Get it wrong and we could be destined for the scrap heap – not overnight maybe, but ultimately.”

Communicating largely via social media, Generation Z is more environmentally conscious and gender neutral than any generation that preceded it, studies show. It celebrates authenticity, diversity and human imperfection. It is more likely to heed the advice of a friend rather than a celebrity.

“Gen Z is prepared to splurge, but it must be worth it. The more added value the better, and that can come from its environmental credentials or its social value,” says Kendall.

To download a copy of the CIBJO Market & Education Commission’s special report, click here.

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”