More and more millennial women are buying jewellery for themselves instead of getting it as a gift for others, a survey has found.
MVI Research’s “Self Purchasing Females: Luxury Growth Demographic of Opportunity” report was based on a July survey on about 1,000 US women aged 25 to 40 with annual household incomes of $75,000.
It found that more than half of millennial age women identified themselves as the primary buyer of jewellery in their households. Only less than a fifth cited their romantic partners as the primary buyer.
“The industry needs to change dramatically because even today, just about every jewellery product that winds up being worn by women is either made by men or the organizations are run by men,” said MVI Marketing CEO Marty Hurwitz.
“The industry needs to embrace this opportunity, it needs to bring more women into the pipeline—the product development pipeline, the management pipeline—and it needs to understand that this consumer really needs a female voice and a female aesthetic talking to her.”
For self-purchases, white gold was the most popular among millennial women with 35 per cent of respondents preferring the type of jewellery. Silver came in second with 17 per cent, followed by platinum with 15 per cent. Yellow gold was the least favoured, with respondents saying they would prefer white gold without diamonds/gemstones to yellow gold with diamonds.
Tiffany came out as the top brand that women said they already own or would like to buy in the future, followed by Pandora and Swarovski.
The survey also found millennial women to be undecided on lab-grown diamonds. 43 per cent said they didn’t know enough about synthetic stones but “maybe” would buy them, while only 13 per cent said they were “very likely” to purchase one.