August 24, 2017
Despite being tempted by a retail environment flush with fast fashion and unlimited choices, millennial women would prefer to adhere to the maxim of "buy less, buy better." According to a survey conducted on behalf of the Diamond Producers Association, the vast majority of millennial women prefer "the real deal" when purchasing diamonds and luxury items.
In fact, exactly 89% of women between the ages of 18 and 34 said they are looking for authenticity when shopping for finer items, with 94% of the highest-earning millennials ($150,000+) reporting that they would prefer a single expensive, genuine item over lots of cheaper ones.
“When evaluating luxury purchases, [millennials] seek items that are genuine, unique and not mass-produced, and have inherent meaning and value,” said Deborah Marquardt, the DPA’s Chief Marketing Officer. “This preference speaks directly to the diamond promise — in an increasingly artificial world, diamonds remain authentic, rare and precious.”
Interestingly, during the span from 2013 to 2015, self-purchasing of non-bridal diamonds by U.S. millennials increased from 25% to 31%.
Here are some other key findings from the survey that sought to pinpoint what millennial women really want when it comes to luxury goods, such as diamonds:
• Three in four millennial women see diamond jewelry as an investment in themselves, and 82% consider it a long-term investment. Among the highest-earning millennial women, these numbers jump dramatically to 94% and 91%, respectively.
• Exactly 85% of high-earning millennials said they would be embarrassed to know that they own a knock-off, especially for luxury items.
• Two out of three respondents admitted to feeling more confident in themselves when wearing diamond jewelry.
The survey was conducted online by KRC Research and took place from July 10 to July 14 among 995 millennial women. The DPA's current marketing initiative is called "Real is Rare. Real is a Diamond." The group has amassed a promotional budget of $57 million, the great majority of which is dedicated to the U.S. market.
Credit: Screen capture via YouTube.com/Real is a Diamond.