As millennials grow older, with that comes a shift in their buying habits – and an opportunity not to be missed for fine jewellery retailers, says Cathie Osborne, managing director of B2B platform and sales service Retaissance.
“Millenials, or 18 to 35-year-olds, are now the largest part of the workforce,” she says, “and, spending £500 billion a year, their desires and needs are re-inventing the commerce landscape.
“Whether it be researching online before shopping in-store or purchasing directly on their mobile, technology enables millennials to purchase how they want and when they want.”
So where does fine jewellery fit into the equation?
As consumers make the transition into their late twenties and beyond they begin to have more disposable income and also to think more about the future – not only their own futures, but their children’s too.
Part of that can involve wanting something to leave behind for children – and that something could be jewellery.
With that in mind, how can retailers capitalise on the new wave of jewellery buyers graduating from fashion jewellery to fine?
Osborne describes Retaissance as “a stable of fine and demi-fine brands that appeal to the generation X and millennial audience, brands that will attract new customers to stores”.
Referring to Retaissance’s stellar brands and proclivity for digital sales, she adds: “Research is done online by 68% of under-51s – we can’t afford to ignore this.
Strong brands that deliver sell-through with no up-front purchase can add a significant revenue channel to jewellers.”