Surveys

8 Things to Know About That Next Generation … Z

SurveysSep 16, 2019

8 Things to Know About That Next Generation … Z

They want to change the world, live authentically and celebrate diversity.

London—It might seem crazy to start looking at Generation Z and their habits. After all, some people are still trying to figure out millennials.

And yet their growing purchasing power can’t be ignored—Gen Z’s spending is estimated at between $29 and $143 billion—so the time to start talking about how they think and buy and has come.

Gen Z is the generation immediately following Generation Y (millennials), generally classifying those born between about 1995 and 2010, meaning its oldest members are in their early 20s.

To offer the industry critical information about this demographic, CIBJO’s Jonathan Kendall, president of its marketing and education commission, released a special report ahead of its 2019 Congress highlighting the habits of the next consumer generation.

Here are eight insights to keep in mind.

1. Social media is a vital part of their lives.

This isn’t news to anyone and yet it’s one of the most important generation characteristics because it affects so much of their behavior.

It allows them to stay in touch with the global community in ways no other generation before them has been able to and also allows them to compare products, experiences and opinions.

Their travel plans are also heavily influenced by social media, with images, links to cool places to stay and sights to see having a major effect on where they go on vacation. They’re also spontaneous in their planning, booking usually no more than three months prior to travel.

The opportunity in this space for jewelers is great, Kendall argues, if product and messaging across social channels meets their aspirations and desires for unique experiences and authenticity, offering a limitless potential client base.

2. They want careers that will change the world.

Research shows that 40 percent of this demographic want to become entrepreneurs, with about half of those saying they want to invent something “revolutionary.”

This means, Kendall says in the report, that there exists an opportunity for the industry to support budding entrepreneurs by providing social entrepreneurship programs that offer mentorships, networking or community support.

“We need to encourage younger people to excel and, in doing so, bring into our ranks the new talent which is vital to a vibrant future,” he says.

3. Their No. 1 concern is the environment.

As such, secondhand shopping fully aligns with the beliefs of the sustainably-minded Gen Z, allowing them to keep up with

trends while also shopping responsibly.

In fact, one in three members of the demographic expect to buy secondhand clothes, shoes or accessories, which is up 46 percent from the amount reported in 2017. This helps explain the popularity of sites like Poshmark and Depop.

The popularity of the sector is expected to push the re-sale category to $51 billion by 2023.

The jewelry industry is in a good position to benefit from this market, Kendall says, but notes that it needs to find a new way to market to best speak to this consumer group and find ways to rework old pieces into exciting new jewelry.

“This is no longer about cheap-looking secondhand pawn shops,” he states. “This is about a proud new marketing message from leading jewelers, stating that many of their fabulously designed new products incorporate secondhand elements.”

4. They want to look authentic.

Gen Z wants to achieve a retro style, but they want to do it by buying products that actually come from eras past, Kendall notes.

So, jewelers and brands should consider collaborating with vintage brands to create retro products with a modern feel and be sure to tell the story authentically, or seek out actual vintage jewelry items and offer them at stores alongside new merchandise.

5. They’re a gender-aware and gender-diverse population.

According to a Pew Research Center study conducted this year, about 35 percent of Gen Z said they know someone who prefers for others to use gender-neutral pronouns when referring to them.

Members of this generation don’t want to be classified; they want to be fluid.

What’s more, gender neutral products, campaigns and spokespeople are becoming much more commonplace.

The jewelry industry needs to adapt to this thinking as well and be able to step back from men’s jewelry and women’s jewelry to think along gender-fluid lines, Kendall says in his report.

6. They also want to celebrate diversity and imperfection.

Gen Z wants the visual media it sees to reflect the diverse and varied world around them; authenticity and inclusivity need to be carried throughout marketing.

This is true especially when it comes to the models and people featured in ads—they want to see people of different colors, physical features, ages and styles. It’s also important to note: not only do the models not need to be perfect, they shouldn’t be. Gen Z wants to celebrate imperfections and will see campaigns championin this idea as authentic.

7. They rely heavily on word of mouth.

Members of Gen Z prefer recommendations from people they trust, like family and friends.

More than 80 percent of Gen Z customers read reviews before they buy products. Among Gen Z women, about 21 percent read more than 10 reviews before purchasing.

There’s a huge opportunity for jewelry here in getting the demographic group to talk about their experiences to others to build trust in a business.

8. They’re financially savvy—and wary.

Seeing the impact that debt has had on their parents’ generation, Gen Z is wary of buying on credit; they’re more likely to save up for a piece of jewelry and buy when they’re ready than to put it on a credit card.

This means jewelers shouldn’t rely on financing deals to entice younger consumers to buy.

With that noted, they are prepared to splurge; it just has to be worth it for them. The more value added the better, whether that comes from its perceived social value or the environmental responsibility behind it.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Weekly QuizMar 21, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Georgia May Jagger Tommy Hilfiger ad campaign
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%

The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

Tiffany & Co. With Love, Since 1837
MajorsMar 26, 2024
Tiffany & Co. Debuts ‘With Love, Since 1837’ Campaign

Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Nordstrom Men’s Store New York City
MajorsMar 26, 2024
Nordstrom May Go Private, Says Report

The retailer previously turned down an $8.4 billion offer in 2018.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

Helen McCluskey
MajorsMar 21, 2024
Signet Jewelers Names New Board Chair

Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.

Julia Roberts wearing a Chopard necklace
CollectionsMar 20, 2024
Julia Roberts Co-Designs New Chopard Jewelry Collection

“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."

Tanzanite white gold ring Jared
FinancialsMar 20, 2024
Signet’s Q4 Same-Store Sales Sink 10%

The jewelry giant also posted a double-digit drop in same-store sales for the full year.

Gold and diamond Baume & Mercier watch Elvis gave to Dodie Marshall
AuctionsMar 20, 2024
Vintage Baume & Mercier Gifted by Elvis Going Up for Auction

Elvis gave the watch to actress Dodie Marshall after filming “Easy Come, Easy Go.”

Sketch of Suhan Wang necklace design
Events & AwardsMar 20, 2024
See the Winner of GIA’s Design Competition

The Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design was presented to a graduate of the GIA school in Taipei.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy