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What Millennials Really Want From Luxury Watches And Jewelry March 23, 2016 (0 comments)
New York, NY—By now, most people in the luxury business can sum up the conventional wisdom about Millennial shoppers: they’re wired, thrifty, and value experiences over things.
While these traits are indeed true, a recent article by Leah Swartz in the Luxury Society newsletter says there’s more to learn when it comes to their preferences for luxury watches and jewelry:
While luxury watches take up only a 4% share of the Millennial jewelry box, that figure jumps to 10% for Millennials over age 30, proving the sector has lots of life in it. But wearable tech is very important to this shopper—far more than the Swiss watch industry has been willing to admit—and this will impact future sales.
It is about the experience. While there’s still some validity to the concept that nice things make a person feel successful, Swartz says few Millennials will dish out $10,000 for a Rolex but they will spend the same amount on a one-of-a-kind vacation, Instagramming all the way.
They want to define the luxury jewelry they wear, not the other way around, and sentiment still is the biggest driver of luxury jewelry purchases—but it isn’t only traditional sentiment.
Top image: Though Pandora isn’t high-priced, Luxury Society author Leah Swartz says Millennials view it as a luxury product because of both the shopping experience and the relevance of personal sentiment. Photo: Luxury Society