Connect with us

Commentary: The Business

Here’s How To Get Millennials’ Attention

Tell them your story, says fast-growing retailer.

Published

on

MANY ARTICLES HITTING newsstands today are pushing blame on millennials for everything from the decline in sales of paper napkins, to poor numbers at movie theaters, to even the decrease in market share for Budweiser and Coors.

As jewelers, we are very familiar with the decline in jewelry sales — most notably diamonds. It seems that every month, there is a new report blaming millennials for the number of failing jewelry stores, the shrinkage of diamond districts, and even the shift in the trend away from “two months’ salary.”

Video: How to Find a Good Manager for Your Jewelry Store
Jimmy Degroot

Video: How to Find a Good Manager for Your Jewelry Store

Video: Sharpen Your Bridal Jewelry Presentations
Jimmy Degroot

Video: Sharpen Your Bridal Jewelry Presentations

Video: Maximize on the Opportunities That 2020 Brought the Jewelry Industry
Jimmy Degroot

Video: Maximize on the Opportunities That 2020 Brought the Jewelry Industry

Follow market history trends and you will start to see a pattern. When a “generation” of people begin to reach their 30s, they go from being cautious savers to consumers and spenders. Baby boomers hit that apex in the 1980s, and the country was hog-wild with money. Generation X hit their apex in the early 2000s, and housing markets and retail sales were booming. Now we are approaching the apex for millennials (2020 is the tipping point) — and they are a bigger generation than baby boomers and gen-Xers combined. Are you on the precipice for success when they hit the age of consumerism?

Being on the threshold between gen-X and millennials, I can tell you how offended I feel when millennials say it is everyone else’s fault they cannot afford to buy a house because they are up to their eyeballs in student loan debt. I am also offended when everyone else says millennials are a bunch of entitled babies who can’t toe the line. Blaming millennials clearly hasn’t been the answer because stores continue to close, diamond vendors are dropping like flies, and the millennials still aren’t walking into the jewelry stores that remain … except that they are! Many businesses just see them as the enemy rather than the opportunity.

Want to know how to sell to millennials? Get online and tell them your story. Take photos of your store, your team, your jewelry, your customers. Make the posts informational, fun, educational, and truthful. Put a few dollars into boosting your posts on Facebook and Instagram to people 23-35. Show them what makes you unique and how your expertise is worth the extra spend on a purchase. Stick with it, and they will start to come through your doors.

When they do walk in, be open-minded, then ask for (and respect) their budget. They will research what you tell them and probably not commit on the first visit. If you have patience, you will discover they are vehemently loyal when they make the decision to trust you as long as you give them a reason to. Take care of one millennial, and their friends will know in a heartbeat because social media works. Soon you will have a steady flow of the next generation of consumers breathing life back into your business.

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular