Millennials are adopting a ‘less is more’ mentality when it comes to purchasing high-end goods, according to a new study.
The study, from American company Real is a Diamond, found that 89% of participants look for authenticity when buying luxury items such as diamonds.
It also identified that 94% of the highest earning millennials prefer to own fewer genuine pieces rather than a larger amount of lower-quality pieces.
“Millennial consumers in particular are defining luxury beyond price,” said Deborah Marquardt, Diamond Producers Association chief marketing officer. “When evaluating luxury purchases, they seek items that are genuine, unique and not mass-produced, and have inherent meaning and value. This preference speaks directly to the diamond promise – in an increasingly artificial world diamonds remain authentic, rare and precious.”
75% of millennial women see diamond jewellery as an investment in themselves and among the highest earning millennials ($150,000+ (£116,000)) this numbers jump to 91%.
These stats look to explain why millennial self-purchase of diamonds continues to grow, with a recent De Beers report showing self-purchase by U.S. millennials accounted for 31% of all non-bridal diamond sales in 2015, compared with 25% in 2013.
On behalf of Real is a Diamond, the survey was conducted online by KRC Research on 995 millennial women between the ages of 18-34 in the U.S.