The Jewelry Industry, as we all know it, is an ever-evolving vortex of newer trends, waiting to be adapted, and cherished. But it is for a fact that in the past decade, this gigantic industry has experienced a major boom, leaping towards the pinnacle. In 2020, the jewelry revenue in the US was estimated at $18.823 billion with a promised growth rate of 0.8% by 2023! Where there are several factors contributing to this epic rise, the role of millennials and gen-z consumers is undoubtedly considered to be a game-changer. 

‘whY and Z!?’

Millennials, who are roughly characterized as those born between 1981 and 1996, now include 30-somethings, even some 40-year-olds. Generation Z (or Gen Z for short) is defined as anyone born between 1997 and the present day. Following in the footsteps of the Millennials (also known as Gen Y), Gen Z is the first generation to have never known a world without the internet. And these folks will be the center of focus of this blog. To identify major trends that guide the shopping patterns of people belonging to both these transformational generations and how jewelry brands can build their business plans around their specific needs and expectations. As projected in a survey by CNBC, Younger consumers are playing an integral role in helping to propel the jewelry industry – and to consider such statistics while growing your brand can literally make or break the business! 

But before we dive right into the specifics – it is severely important to understand the fact that The Gen Y generation was raised by Boomer parents who lived in a significantly more stable economic environment. These same parents developed in their children a sense of self-assurance and entitlement that no previous generation had seen. The economic slump was merely a blip on their already bloated radar. Gen Z, on the other hand, did not grow up with the same level of luxury, and the economic climate has been hazy at best for the majority of their existence. This generation is significantly less optimistic, and they are certainly the most cautious and frugal shoppers we have ever seen. Considering this – Gen Z might seem the easiest target of them all but well – news flash! It isn’t. 

What’s trending?

So to address this issue, well not the issue rather a challenge that will determine the course of any jewelry brand, it’s severely important to understand the major trends and act accordingly. As we all know it, understanding and implementing might become a difficult task in this digitized world where the attention span of people has been reduced to mere seconds. Marketing sure has become one of the toughest jobs out there! To lighten this burden: here are some of the major trends that have captured the jewelry market and can be turned into a business development strategy – 

Minimalist Jewelry

Minimal jewelry trends grew in popularity over the last decade. These simple yet artistic patterns have attracted everyone’s attention in recent years because they are easy to wear and resonate a chic – classy vibe, which by the way is the go-to style for millennials. With each passing year, the beauty of ‘less is more’ grows into fashion, to the point where demi-fine minimal jewelry is anticipated to dominate fashion trends in 2022 as well. 

AGMES, one of the fastest-growing brands in the industry created by Sisters Jaclyn and Morgan Solomon is the perfect example of how the Minimal Jewelry trend is here to stay. The brand draws inspiration from organic shapes and architecture – creating the perfect dainty pieces to die for. Another brand that rose to popularity by accommodating the ‘Less is More’ trend was Chari – selling pretty pieces that accentuate beauty. Interesting Fact: This label created Michelle Obama’s “VOTE” necklace, which she wore during the Democratic National Convention. Here’s another one, Trine Tuxen, a jewelry designer from Copenhagen, created the namesake line in 2012. Tuxen’s designs, which are heavily influenced by a Nordic Minimalist style, are a timeless celebration of simplicity in its simplest form. All of the pieces are crafted of fine 925 sterling silver; some are coated with 14-carat gold, and18-carat solid gold.

Chunky Accouterments

Where minimalism has been a go-to style for many, the idea of flashy and retro jewelry also took an interesting turn in the past year. Supersized cocktail rings by Dior and Givenchy; door-knocker earrings by Etro, Versace, and Carolina Herrera; and maximalist chains on necks, earlobes, and waists by Balmain, Tom Ford explicitly put a fire in this trend bringing Glam to life. Larger-than-life links are one of the top jewelry trends for 2022, as seen on the runways of Valentino and Hermès – Millenials and Gen Z are rapidly opting for large gold chains this season. Not only that – fashionistas and models wearing Vintage-inspired accessories from chandelier earrings to door-knocker statement pieces are bringing the Golden Age of Hollywood – inspiring the tech-savvy generation to greater lengths! 

Chunky Jewelry rose to massive popularity during the pandemic – and the N number of Instagram reels attest to this fact. Bloggers collaborating with startups, or reviewing a cute chain they picked out during the Pre-Pandemic days. This trend attracted a massive fan following, especially from Genz Z after watching their idols such as  Kim Kardashian, Gwenyth Paltrow, Rihanna, Miley Cyrus, and Rita Ora to name a few.

Stylized Florals

For ages, nature has served as a steady source of inspiration for designers across a wide range of creative fields, and this year was no exception. From floral-inspired bling seen at Peter Do, Simone Rocha, and Acne many of 2021’s creations were attributed to the earth’s beauty, indicating that sustainability will be at the forefront of the design industry like never before. Contemporary and ethnic Floral jewelry designs are definitely a go-to, especially in gold, diamond, or platinum with flower themes such as roses, tulips, and sunflowers. As seen in David Webb’s new Asheville collection, which celebrates the era of flower power and change of thought during America’s youthquake in the 1960s. 

Fine Jewelry 

Where fashion jewelry might be getting all the hype, it is for sure that fine jewelry is a timeless investment and people are always going to be inclined towards buying some. Any jewelry made of precious metals such as gold, silver, or platinum is referred to as “fine jewelry.” Genuine gemstones such as diamonds, sapphires, rubies, and emeralds are commonly used in fine jewelry, which is most commonly preferred by millennials of today. The phrase “affordable fine jewelry” may seem contradictory, but the environment is shifting thanks to a recent surge in direct-to-consumer firms. And, thanks to the growing use of social media, it seems like new brands are cropping up every week, each with its own unique touch on how to stand out from the crowd.

Here are some of the major brands that have become rising figures in the industry because of their take on Fine Jewelry. If you follow enough jewelry aficionados on Instagram, you’re certain to see someone wearing a piece from Mejuri, a Canadian fine jewelry brand known for offering affordable jewelry pieces by adopting its direct-to-consumer business approach (i.e. you can only shop their things on their website). Here’s one more brand that has touched the hearts of millennials and Gen Z alike: Jacquie Aiche, known for her bespoke boho-chic fine jewelry. As one of the first designers to herald fine body jewelry, her pieces are a reflection of spirituality engraved into diamonds. We’re talking lapis lazuli inlay, diamond-encrusted belly chains, and weed-themed jewelry for the 14k tokers out there. (Fun Fact: This brand is often seen on Rihanna – Baby Mama with all her glam!)

Pandemic gloom and its consequences

Gems and jewelry are one of the many industries that have suffered significantly as a result of the global pandemic since local demand and exports have both plummeted. While the jewelry business has faced its fair share of hurdles in the past year—with the lockout affecting global jewelry trends, hundreds of store closures, and trade exhibitions and events being canceled—creativity has surged in terms of how jewelers market, show, and sell their collections. 

Even so, it has remained a bright spot in our lives during the Covid doldrums of the last two years. COVID-19 appears to have had a beneficial impact on jewelry sales, with 30% of customers saying they bought more jewelry during the outbreak, according to a recent poll. Because many brick-and-mortar businesses were closed for months, 72 percent of consumers said they purchased jewelry online, with a shocking 39 percent saying that spending so much time at home drove them to buy more jewelry.

Clearly, the above stats majorly comprise millennials and gen z people who spent most of their time online. (Including myself). I mean who doesn’t like to take a breather in the chase and what better than looking for stuff online. Clearly, the epidemic has expedited the shift to digital. Consumers are significantly more inclined to make high-ticket purchases online than they were five years ago, and they feel comfortable purchasing jewelry online, especially after the pandemic. Jewelry has always been an emotional purchase and this idea was leveraged to greater lengths by almost all the major brands from Tiffany and Co., Piaget, Cartier to Bea Bongiasca, Panconesi, and Agmes.

Marketing tips in the post covid world

Digital is the way to go, Covid has taught us all how everything is made possible digitally if only we have the right tools. And when it comes to businesses, the past two years have seen a fair share of Cloud Firms rising and making their way in the industries. The use of digital marketing is no longer a viable choice. It’s becoming a requirement, particularly for jewelers trying to sell their businesses online. According to a McKinsey analysis, at least one digital touchpoint now influences more than 70% of all luxury purchases. This is a strong expression of customers’ desire for a seamless omnichannel experience. When it comes to Jewelry, it is important to understand certain factors that play an integral role while closing deals!

• Having a trustworthy website is everything. When people sense the authenticity of a website they are more likely to make a purchase. Start there if you don’t have an up-to-date, user-friendly website. Your website conveys information about you. In fact, it says a lot about you, and people will judge your shop and your jewelry based on how you present yourself online. In today’s environment, having an aesthetically pleasing, modern, and easy-to-navigate website is a must.

• Tell Your Story: Millennial jewelry consumers decide who they want to buy from before they decide what they want to buy. To establish a great brand, you should concentrate on executing a few things effectively in order to gain a devoted consumer base. Understand what your target audience values most, and make sure to express these values through your brand – explaining why you create what you do and the inspiration behind it will go a long way for your brand!

• Sustainability and Causes: The ethical jewelry movement is still in its infancy, but it has the potential to dominate the discourse. Customers who want to be more cognizant of where their stones come from can turn to direct-to-consumer firms like Miadonna and Brilliant Earth, which provide lab-created and conflict-free diamonds. 

• Hopping on the trend train: More than half of Millennial and Gen Z customers would buy jewelry if it was recommended by an influencer. That’s a staggering number—for many firms, influencers have become an established marketing channel, and this type of messaging is a natural fit for jewelry.

• Alternate Financing: Millennial and Gen Z jewelry consumers are increasingly seeking alternate payment methods, with research showing that 86 percent of customers would prefer to pay for a purchase above $5,000 with financing rather than a credit card. 69 percent of Millennials prefer to purchase at a jewelry store that offers interest-free financing, and they are roughly 5 times more likely to shop at a store that does than one that does not. Interest-free installments are preferred by 73 percent of Millennial jewelry consumers over a 5% discount.

The jewelry industry is evolving as Millennials and Gen Z age into the market.