19% Of Super-Rich Bought Luxury Watches, 8% Jewelry Last Year; Millennial Women Seek Quality Over Quantity
Among consumers with $5 million or more in net worth, luxury cruises and fine wine are popular treats. A survey conducted for Barron’s by Shullman Research Center found that almost one-third of respondents went on a luxury cruise in the previous 12 months, and 29% reported buying one or more bottles of fine or premium wine in the previous 12 months.
19% bought a fine watch and 8% bought a piece of fine jewelry. In an interesting twist, jewelry ran ahead of cars, with only 7% of respondents indicating they’ve traded up a luxury auto in the same time period.
Shullman told Barron’s it’s a misconception that Millennials don’t buy luxury goods: in fact, many consumers for tangible luxury goods are younger, because older consumers already acquired all the luxury goods they need and now are focused on experiences.
But Shullman also told Barron’s that purveyors of luxury brands better be online or risk being left behind.
Separately, an article in Luxury Daily cites a Diamond Producers Association study that says 64% of Millennial women would rather purchase one luxury item over many less expensive pieces. According to the “What Women Really Want” study, those consumers look at luxury—including fine diamond jewelry—as an investment in themselves and prize the real deal over knockoffs. Top left: a still from the DPA's ad campaign video.
Deborah Marquardt, chief marketing officer for DPA, told Luxury Daily that 82 percent see diamond jewelry as a long-term investment and 75 percent see it as an investment in themselves.
"Furthermore, these women revealed a deeper, emotional value to diamond jewelry, saying it provided an outwardly visual expression of their inner confidence. Nearly three-quarters of respondents said they feel more confident in themselves when wearing diamond jewelry. And for the highest earning, almost all of them say they would rather buy one luxury item over many, less costly items."
JSA Offers Reward In Fatal Armed Robbery
Fresno, CA—The Jewelers Security Alliance is offering a reward of up to $2,500 for information leading to the arrest of Angelo Sanchez, 17, and Angel Morelos, 18, both wanted for the murder of a jeweler earlier this month.
Murder suspects Morelos, left, and Sanchez, right, are still at large. JSA is offering up to $2,500 for information leading to their arrests. Image: National Jeweler.
On August 5, six suspects were involved in a robbery at Stereo DJ Outlet/Mari’s Jewelry in Fresno. Three suspects went inside, grabbed jewelry, and ran out with owner Maricel Gamez and her 22-year-old son Christopher Leon in pursuit. Leon caught and held down Morelos, who pulled out a gun and shot him in the head. Leon died from his injuries.
Three of the six suspects are in custody, according to Fresno police. In addition to Sanchez and Morelos, the final suspect, whose identity is unknown, also remains at large.
Anyone with information is asked to call JSA’s Reward Hotline, (800) 325-1883. Callers may remain anonymous. Read more here.
Select Jewelry Shows Announces New Sponsor, Gears Up For Dallas, Foxwoods Events
New York, NY—Jewelers Mutual Insurance has signed on as a new sponsor for the Select Jewelry Shows, set for September 10-11 at the Ritz Carlton Hotel in Dallas, TX and September 17-18 at Foxwoods Casino in Ledyard, CT.
Click here for more information about exhibitors, education, and other activities at both Select shows.
De Beers Partners With Stanford Graduate School Of Business To Empower Youth And Entrepreneurs In Southern Africa
Gaborone, Botswana—De Beers Group is making a US $3 million investment in a three-year partnership with Stanford Graduate School of Business (GSB) to empower young, aspiring entrepreneurs and established business owners in Botswana, Namibia, and South Africa.
In partnership with De Beers, the Stanford GSB will launch two programs in 2018. The Seed Transformation Program is a year-long leadership program, taught by Stanford GSB faculty and Seed-trained local facilitators to provide management training, leadership team workshops, and networking support to assist southern African leaders to grow their businesses, create jobs, and help lead their regions to greater economic diversity and prosperity. The program will be open to established business owners in Botswana, Namibia and South Africa.
The Stanford Go-to-Market program is an intensive, one-week entrepreneurship boot camp, taught by Stanford GSB faculty. Through a combination of lectures, case studies, and small-group discussions, it will help budding entrepreneurs gain the confidence and skills to commercialize their business ideas and accelerate their route to market. Initially running in Botswana, the program may expand to include participants from other southern African countries once fully established. The partnership will be in collaboration with a range of Government entities in Botswana, including the Botswana Innovation Hub and the Botswana Ministry of Tertiary Education.
Bruce Cleaver, CEO De Beers Group, said: “Economic diversification and youth employment opportunities are priorities for our government partners and are priorities for De Beers Group as well. We all believe these two programs, in partnership with a world-renowned educational institution, have excellent potential to help accelerate diversification and stimulate more opportunities for young and ambitious southern Africans.”
The programs will be headquartered at the Botswana Innovation Hub, a science and technology park in Gaborone, Botswana.