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Who Is the Luxury Consumer in 2023?

Luxury buyers may not be who you think they are.

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Who Is the Luxury Consumer in 2023?

(PRESS RELEASE) Younger consumers and luxury go hand in hand, with the majority of luxury consumers being Gen Z or millennials. Gen Z are the ones to watch though, as they’re purchasing luxury goods three to five years earlier than millennials did at their age. 

There’s likely a mix of factors at play here, but a big one could be due to many having a safety net in place – 66% of Gen Z say they live with their parents, potentially giving them more freedom to fund their expensive tastes. Meanwhile, many millennials are progressing in their careers, with their spending potential likely to grow too. 

Gen Z and millennials also accounted for all of the luxury goods market’s growth last year, so together they’re pretty influential in this space. 
Luxury buyers have their eyes set on the latest tech. They are more apt to have all the latest tools to research items before stepping into the brick-and-mortar store. For luxury items like diamonds and diamond jewelry a visit to the physical store is much more likely with or without their significant other. Having the tools to easily scan a QR code or quickly send a 360-degree link of a diamond is most appealing for this generation.

Utilizing simple tools from GN Diamond like QR codes and easy diamond links allow consumers to become well-educated way before stepping into the store. This results in more sales, higher closing percentages and increased referral rates.

Additionally, the light brilliancy simplifies the sale by easily explaining why one diamond is brighter than another, helps consumers understand pricing differences among similar diamonds, and is proven to double closing percentages.

The need to have a full selection of merchandise readily available is equally as important. This generation likes immediate gratification with the ability to purchase NOW. Whether the selection is natural diamonds or lab created diamonds it is important, especially going into the season, to have a variety.

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GN Diamond makes it easy to view all their loose diamond inventory by simply going to www.gndiamond.com. To become more well versed on how to use the QR codes and send diamond links to prospective customers feel free to call 800-724-8810 and ask for sales.

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