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Appealing to Gen Z Diamond Shoppers January 12, 2023 (0 comments)
New York, NY--(SPONSORED CONTENT): Diamonds. Everyone loves them. And how could they not? From their dazzling brilliance to their powerful social statement and much more, diamonds are forever captivating people from all cultures, eras, and generations. (Image Courtesy Argyle Diamond Tender.)
But those societal, cultural, and generational differences do factor into the way people purchase diamonds.
If you want your jewelry business to succeed, grow, and thrive for many years to come, you need to be familiar and comfortable with the diamond shopping and buying habits of the generation that stands poised to dominate conversation and commerce well into the future—Generation Z (more commonly and casually referred to as Gen Z).
If your customer was born from 1997 and on, he or she is officially part of Gen Z. They’re also part of a fast-rising, smart-shopping group that currently accounts for $143 billion in annual “buying ability” or “spending power” in America today.1 And when it comes to diamond jewelry purchases in the US, recent research shows that “older” Gen Z consumers are responsible for around 5% of total spending on diamond jewelry.2
Obviously, your brand, business, or store wants to be a part of these eye-popping and inevitably growing statistics. But just how do you go about capturing the hearts, minds, and attention of today’s fast-moving, fickle Gen Z diamond jewelry purchaser? Let’s take a closer look, shall we?
Connect Online. And Beyond…
According to DeBeers’ Diamond Insight Report 2022, online sales of diamond jewelry represented a full 25% of U.S. diamond jewelry sales by value (and 31% by volume) in the calendar year 2021.3 That’s a pretty big number—and a full 11% surge from the 14% figure recorded in 2015. When you take a closer look, this valuable data also reveals that among Gen Z consumers, total online sales represented a robust 42% of all Gen Z purchases in the US - further supporting the need to connect with them where they are most comfortable - online.
In the intriguing words of DeBeers Brands CEO Marc Jacheet:
“The best performing brands in the world are ‘phygital’.4 I would not be surprised if we see, in the coming years, Gen Z shopping more online than physical, and shopping more through social media platforms than proprietary platforms, just given the rate of acceleration and the trends that we see. There will be more and more time spent in the digital world than the physical world. That means that the time spent on digital tools is only going to grow.”
Ethics Matter…More.
It’s not just what you sell that Gen Z diamond consumers are closely connected to. It’s where your diamonds come from—and how they’re sourced, mined, or grown. According to the DeBeers report, just under 40% of Gen Z diamond consumers seek out information on a brand’s “ethical credentials” before making a diamond jewelry purchase. Want an even more compelling figure? A full 50% of these Gen Z diamond buyers said that knowing their diamonds had a positive impact on local mining communities would make them more likely to buy.
In the high-dollar, high-stakes diamond business, these ethical questions and concerns have always lingered. Now more than ever, the conversation resonates at a higher volume. Especially with Gen Z consumers. Demonstrating your knowledge, compassion, and concern around matters such as sustainable diamond jewelry will go a long way toward attracting and securing this demanding, detail-oriented audience.
Another term that’s been around for a little while now is “cause marketing”—especially as it applies to brands who are vocal about serving and striving for higher causes like social entrepreneurship or ethical sourcing. Companies, brands, and jewelers who will secure brand loyalty (and the many rewards afforded by those who closely “follow” and emulate popular “influencers” on social media channels like Instagram and TikTok) will likely be the ones who are open, creative, and passionate about the causes that are close to their hearts and top of their minds.
Keep it Real
Just like it’s vital to appeal to Gen Z consumers’ ethical sense of what’s “right” when it comes to diamonds and jewelry production, you need to be sure to also always keep it “real” with this demanding, driven, detail-focused audience.
There’s one word you’ll hear most often to describe this deep Gen Z thirst and quest for real-ness. Authentic. Being authentic means many things, including “keeping it real,” of course. But it also means being open, transparent, patient, and inclusive. It also requires being a good listener.
In short, authenticity isn’t something you market or sell . It’s something you just naturally…are. And if you aren’t authentic today? Well, you’d best become authentic. Soon.
This can also include being authentically…polarizing. Not in a merely disruptive, divisive, fire-starting sort of way, mind you. But in a manner where your brand isn’t ever afraid to take a stand—particularly on matters of high ethical importance.
It Just Clicks
Fast-moving, faster-thinking, always-connected Gen Z consumers don’t have time or patience for filling out forms or cumbersome processes. They are conditioned for immediate service in one click, whether buying home goods on Amazon or ordering a Lyft. They look for easy and instant services, with no paperwork and no hassle.
The good news is that there are several solutions out there for retailers to leverage in order to meet this instant need of the Gen Z consumer. One example is Zillion’s 1-click jewelry insurance at point of sale. With a simple text and click from their mobile, customers get instant protection before they leave the store. Zillion’s instant coverage fits right into the sweet spot of tech-savvy, always-on Gen Z consumers. Zillion touts several notable retailers as partners and has a 5 star review rating, with reviews suggesting customers are extremely happy with the simplicity and the concierge claims experience. They also claim that their retail partners save time and money, including earning a lead fee.
Understanding and connecting with Gen Z shoppers is easy when you take the time to learn what is important to them. By investing a little time you can meet your customers where they are, and offer services that keep them coming back.
1 https://skai.io/blog/monday-morning-metrics-gen-z-spending-power-tops-143-billion-annually/
2 https://www.thediamondloupe.com/
3 https://www.debeersgroup.com/reports/insights/the-diamond-insight-report-2022
4 https://www.jckonline.com/editorial-article/phygital-shopper-here-to-stay/
