New York—Millennial women who purchase jewelry for themselves present a unique opportunity for luxury brands looking to reach Generation Y, a recent survey conducted by MVI Marketing shows.
A total of 1,001 women between the ages of 25 and 40 located in the United States and with a household income of $75,000 or higher completed the survey, which was conducted online between July 15-20. It focused on three product segments: jewelry, shoes and hotels.
MVI said the results of its study "reinforce reasons for optimism for luxury brands seeking an entry- level point with millennial consumers."
In fact, MVI has named the consumer segment of the millennial female who purchases jewelry for herself "The Luxury Growth Demographic of Opportunity," because they have a 30-year-plus spending cycle that's just beginning, their brand attachments still are in the formative stage and their brand loyalty can be attained by factors like content engagement, style and adornment.
"You can see all the signs of a demographic segment that will be spending for themselves, and for gifts, in increasing numbers and escalating price points," MVI President Liz Chatelain said.
More than 51 percent of respondents said they purchase
jewelry for themselves.
Another 14 percent said they purchase it as a gift for their spouse/partner, 17 percent said they make jewelry purchases together, and 18 percent said their spouse or partner purchase jewelry for them.
When respondents were asked about their motivations for buying jewelry for themselves, the top reasons included being able to get exactly what they want; rewarding themselves for a milestone; "just because;" and commemorating a special memory or trip, among others.
The survey also asked what specific brands respondents owned or were most likely to purchase, and
Tiffany & Co.,
Pandora and
Swarovski came out on top. The list also included Alex and Ani, Gucci, Cartier and Tory Burch.
According to the study, nearly 91 percent of survey takers indicated they research a brand before buying it.
Though MVI has done a few other studies about female consumers who buy jewelry for themselves, this was the first time they asked respondents how likely they were to buy a lab-grown diamond.
Forty-three percent indicated they would maybe purchase a lab-grown diamond but don't know much about them; 21 percent said they would probably purchase a lab-grown diamond as they learn more about them; and 13 percent indicated they were very likely to buy a lab-grown diamond.
MVI also asked survey-takers about their preferred metal for jewelry, and the results were led by white metals: 35 percent said white gold, 17 percent said silver and 15 percent said platinum.
Thirteen percent of respondents indicated they preferred rose gold and 11 percent said yellow.
The remainder said they didn't know or didn't have a preference (6 percent) or preferred mixed-metal pieces (3 percent).
The survey also questioned respondents about preferred jewelry designs, and topping the list was diamond jewelry, followed by gemstone jewelry and platinum with
diamonds.
