WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
IndependentsMay 09, 2017
Retailer’s Viewpoint: Millennials and the Middle Class
The shift from buying luxury to buying lifestyle--an evening out at a restaurant, a day at a spa, or a vacation--is not driven by taste alone but by economic factors, Jim Alperin writes.
Millennials, lifestyle and luxury--three words we hear a lot today.
When you’re in a luxury business, as we in the jewelry business are, trying to understand how these words relate and finding our place in this changing world is a challenge.
The things they are showing less interest in aren’t limited to jewelry; they also include crystal stemware, china dishes, porcelain figurines, silver flatware and hollowware, and even a house in the suburbs. Young people today are opting to move into the cities that their parents and grandparents worked so hard to afford to move out of. That 1-acre lot of grass that needs to be mowed on the weekend suddenly isn’t the dream. Now, it’s a loft apartment overlooking other buildings, close enough to work that you don’t need to own a car.
What happened? Why is it that this new generation doesn’t want all the luxuries that previous generations worked so hard to attain and care for?
The internet has, as we all know, changed everything. Business as usual isn’t usual anymore.
Decades ago, a generation of young people finishing high school or college who didn’t go into a specific profession had the opportunity to open “mom-and-pop” stores. Jewelry stores, optical stores, shoe stores, drug stores … if you had an interest in a particular field, you had the opportunity to be your own boss and, with time and hard work, make a decent living. With that living, you were able to buy gifts of luxury, things above the essentials, for those whom you loved, including jewelry.
Where are those young people today, the ones who didn’t go into the professions or those who weren’t picked up by Google, Facebook or one of the other internet giants? They’re working behind the counter at Starbucks, the Apple store or even one of the big jewelry store chains. They make a living but don’t see a chance to truly excel within the job that they have taken.
Did you ever speak
with one of the people at those stores? They’re bright, educated and industrious but don’t have a clear path to earn more money. With fewer opportunities to earn a large amount of money comes a change in what people desire to have and acceptance of one’s position. Without this acceptance, one faces daily frustration and depression. You may have experienced this in your own life, where you see someone drive past in an expensive car and you know you’ll never be able to afford one like it. You just accept the fact that there are things out of your reach and choose other, more affordable options.
The middle class is disappearing in the United States as the younger generation takes over our world. They don't have the means to buy luxury anymore. The $500 to $2,000 sale that kept jewelry stores alive in the past has become a $50 to $200 sale. That’s now an affordable gift for a generation that doesn’t have the disposable income that the previous generations had, but it’s not enough money to keep mom-and-pop shops in business.
The shift from luxury to lifestyle--an evening out at a restaurant, a day at a spa or a vacation--is not driven by taste alone but by economic factors. The millennials are not rejecting luxury goods as an act of rebellion--after all, every generation rebels against the previous one in some fashion--but because the opportunities for them to earn a wage that will allow them to purchase luxury no longer exist.
Our economy has been divided into the “haves” and “have nots” more than ever before. We have more millionaires and billionaires than our country has ever known and, at the same time, there are more people just getting buy or not getting by at all.
To stay in business today, you have to reduce your expenses to be able to accommodate the customer wishing to make an inexpensive purchase or, if you have the means, upscale your business to accommodate the customer who is truly wealthy.
The millennials have moved away from the traditional jewelry of the past and they aren’t coming back.
It’s not that they can’t be understood. It’s that with the high expenses of life today--health insurance, college loans, the cost of going out for an evening--there just isn’t enough money left to buy luxury goods, and as such they have shifted their values, and what disposable income they do have, to lifestyle purchases.
Retailer Jim Alperin owned and operated James Alperin Jewelers in Pepper Pike, Ohio for more than 30 years. He now lives and works in Delray Beach, Florida and is the author of two novels, “The Moscow Team” and “The Emerald Necklace.” He can be reached at alpjewel@aol.com.
The middle class is disappearing in the United States as the younger generation takes over our world. They don't have the means to buy luxury anymore. The $500 to $2,000 sale that kept jewelry stores alive in the past has become a $50 to $200 sale. That’s now an affordable gift for a generation that doesn’t have the disposable income that the previous generations had, but it’s not enough money to keep mom-and-pop shops in business.
The shift from luxury to lifestyle--an evening out at a restaurant, a day at a spa or a vacation--is not driven by taste alone but by economic factors. The millennials are not rejecting luxury goods as an act of rebellion--after all, every generation rebels against the previous one in some fashion--but because the opportunities for them to earn a wage that will allow them to purchase luxury no longer exist.
Our economy has been divided into the “haves” and “have nots” more than ever before. We have more millionaires and billionaires than our country has ever known and, at the same time, there are more people just getting buy or not getting by at all.
To stay in business today, you have to reduce your expenses to be able to accommodate the customer wishing to make an inexpensive purchase or, if you have the means, upscale your business to accommodate the customer who is truly wealthy.
The millennials have moved away from the traditional jewelry of the past and they aren’t coming back.
It’s not that they can’t be understood. It’s that with the high expenses of life today--health insurance, college loans, the cost of going out for an evening--there just isn’t enough money left to buy luxury goods, and as such they have shifted their values, and what disposable income they do have, to lifestyle purchases.
Retailer Jim Alperin owned and operated James Alperin Jewelers in Pepper Pike, Ohio for more than 30 years. He now lives and works in Delray Beach, Florida and is the author of two novels, “The Moscow Team” and “The Emerald Necklace.” He can be reached at alpjewel@aol.com.
More on Independents
The Latest
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
