Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsOct 31, 2011
The malaise of the ‘Millennials’
In the four years I’ve worked here, much has been said about the generation labeled as “Generation Y” or the “Millennials” and its importance to the jewelry industry. As just one example, I penned this article in August 2010 on...
In the four years I’ve worked here, much has been said about the generation labeled as “Generation Y” or the “Millennials” and its importance to the jewelry industry. As just one example, I penned this article in August 2010 on how the size of the Millennial generation is poised to have a big impact on the bridal market.
When I wrote that article, we were in the midst of an upswing, and the pervading sentiment was that a 100 percent recovery was just around the corner.
More than a year later, we can see that this is not the case. Unemployment remains high and many young adults, some just fresh out of college, are struggling just to find a full-time job and scrape together the necessary funds for a security deposit on their own apartment.
Forget spending $4,000 or more on an engagement ring to pop the question and then putting a down payment on a house.
A recent article in New York magazine titled “The Kids Are Actually Sort Of Alright” and written by a 27-year-old New York staff writer presented some eye-opening statistics in this vein, showing just how deeply members of the Millennial generation have been impacted by the downturn.
To wit: 14 percent of those who were members of the undergraduate classes of 2006 to 2010 can’t find full-time work, and only about half (55 percent) of those aged 16 to 29 have jobs. Many young people (ages 25 to 34) have moved back in with their parents since the start of the recession, and the majority of Americans think this current crop of 20-somethings won’t be better off than their parents.
After reading the New York magazine article, I checked in with industry analyst Ken Gassman, a contributor to my Millennial brides story, to see if he’s revising his outlook on this generation.
What he told me is this: 2009 jewelry sales data by age of shopper shows that Millennials continued to spend their money on jewelry. The acquisition rate for diamond engagement rings held steady at 75 percent of all brides, though the average ticket for said rings fell by about 10 percent.
The 2010 data won’t be available until sometime in late November but Gassman is betting that those current trends won’t hold.
Interestingly enough, he also noted that he recently revised his wedding forecast downward in the past
Editors' Picks
Sponsored by
month or so. This is in line with statistics presented in the New York article, which stated that the median age of first marriages increased by a solid year since 2006, and that the overall marriage rate is at an all-time low.
It makes sense. After all, it seems like not being able to find a full-time job and move out of your parents’ place--the normal, and up until now, unconditionally accepted touchstones of transitioning into adulthood--puts a real crimp in your social life.
The New York article also raised, in my mind, the question of how this generation will view material possessions, including jewelry, when, and if, the economy begins to pick up again. One author interviewed for the story said that the recession has brought about a pronounced decrease in materialism in this particular generation. It’s a group that can experience books, movies and music without having to actually own them and that is perfectly alright with them.
Millennials, as the story’s author puts it, are “onboard” with having “less stuff,” perhaps making it less of a gold mine (no pun intended) of jewelry buyers than originally thought.
More on Editors
The Latest
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
