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Half of Millennial, Gen Z Consumers to Shop for Fine Jewelry This Holiday Season, PGI Study Suggests

It also advises retailers to keep their doors open to serve Millenials and Gen Z customers who are ready to spend in-store.

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About half of all millennials and Gen Z consumers are likely to shop for fine jewelry this holiday season, a new study from Platinum Guild International suggests. That’s a significantly higher percentage than that found among older generations.

Likelihood of Shopping for Fine Jewelry During 2020 Holiday Season

Intent is significantly stronger among Gen-Z and millennials than among the older generations.
PGI survey graph

Letters indicate a significantly higher % compared to corresponding % for associated generation. Capital letters indicate a significant difference at the 95% confidence level, lowercase letters indicate a significant difference at 90% confidence level.

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When specifically asked about the effects of the pandemic, only a small percentage of respondents cited concern over COVID-19 when planning their holiday shopping. Sixty-four percent of respondents felt “completely” or “mostly” comfortable to shop in-store.

Comfort Level Shopping In-Person for Fine Jewelry During 2020 Holiday Season

PGI chart
Letters indicate a significantly higher % compared to corresponding % for associated generation. Capital letters indicate a significant difference at the 95% confidence level, lowercase letters indicate a significant difference at 90% confidence level.

Across all age groups, 87% of respondents planned to shop in-store for jewelry, with the majority of shoppers looking to support local and independent retailers. In addition to their in-store shopping, 70% of respondents said they would also be shopping online, with a third selecting national chains’ websites as their go-to.

Fine Jewelry Retailers: Plan to Shop During 2020 Holiday Season

Those open to shopping for fine jewelry during the holiday season are likely to shop in a physical jewelry store. However, online shopping is a strong option as well that jewelers should be ready to support.

PGI graph
Letters indicate a significantly higher % compared to corresponding % for associated generation. Capital letters indicate a significant difference at the 95% confidence level, lowercase letters indicate a significant difference at 90% confidence level.

When asked specifically what jewelers can do to make the in-store experience less stressful and shoppers more comfortable, there was a resounding call for both employees and customers to be required to wear masks at all times. Masks were followed by a limitation of the number of customers in-store at one time and the strict enforcing of social distancing measures. Providing hand sanitzer upon entry also scored high marks from consumers.

What can jewelers do to make in-store shoppers feel comfortable?

Younger shoppers would also appreciate awareness of disinfecting protocols, touch-free payment, and even virtual appointments.

Half of Millennial, Gen Z Consumers to Shop for Fine Jewelry This Holiday Season, PGI Study Suggests
Letters indicate a significantly higher % compared to corresponding % for associated generation.Capital letters indicate a significant difference at the 95% confidence level, lowercase letters indicate a significant difference at 90% confidence level.

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The research also reinforced the importance of retailers’ continued active communication with their consumers. Using e-blasts, social media channels and even direct mail, retailers should share key messaging that they are open, can offer a safe shopping environment or a seamless virtual experience, for those clients who opt to shop from home.

In September 2020, Platinum Guild International USA commissioned 360 Market Reach to conduct a jewelry buying study. Within the study, researchers specifically looked at the future intent of consumers for the upcoming holiday shopping season and the effects of the COVID-19 pandemic. The focus group comprised 1,000 U.S. consumers age 18 to 64 who have or would be open to acquiring fine jewelry, defined as jewelry costing at least $1,000 made with precious metal.

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SPONSORED VIDEO

Thinking of Liquidating? Think: Wilkerson

When Peter Reines, owner of Reines Jewelers in Charlottesville, VA, decided it was time to turn over the “reins” of his 45-year-old business to Jessica and Kevin Rogers, he chose Wilkerson to run his liquidation sale. It was, he says, the best way to maximize the return on his decades-long investment in fine jewelry. Now, with new owners at the helm, Reines can relax knowing that the sale was a success, and his new life is financially secure. And he’s glad he partnered with Wilkerson for this once-in-a-lifetime opportunity. “There’s just no way one person or company could run a sale the way we did,” he says.

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