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CIBJO has released its insights into the next generation of jewellery consumers.
CIBJO has released its insights into the next generation of jewellery consumers.

New report details how to sell jewellery to Gen Z

CIBJO has released a new report into the buying habits and behaviour of Gen Z, called Deconstructing The Next Great Jewellery-Buying Generation.

The report, authored by Jonathan Kendall, president CIBJO Marketing & Education Commission and president De Beers Group Industry Services, notes that Gen Z are predicted to spend $US143 billion in 2019 and therefore are a crucial market for the jewellery industry.

Defined in the report as those aged 15 to 25, Gen Z are noted for their love of social media – specifically Instagram, WeChat, and WhatsApp – which they use to create a “global community”.

Jonathan kendall
Jonathan kendall
“In today’s disruptive environment turning mentoring upside down might be the one way to keep your finger on the pulse of the market”
Jonathan Kendall, CIBJO

Kendall notes, “They compare products, experiences and opinions continuously. On a daily basis Instagram users alone publish over 95 million posts, and its users click more than 4.2 billion likes. Just imagine the scale of this opportunity if your new product meets their aspirations and desires.”

As a generation, these consumers love to travel and be spontaneous, seeking “local experiences, authenticity” and “unique things”. Kendall writes that Gen Z also “want to change the world” and are “sustainability-minded” when it comes to what they buy, embracing resale/second-hand services as well as eco-friendly products.

The report suggests the industry offer support for young entrepreneurs and craftspeople, emphasise ‘green’ credentials and recycling by reworking old jewellery or incorporating second-hand elements, and keep authenticity at the heart of marketing messages.

Gender-neutral product offerings are also suggested as being particularly appealing to Gen Z.

Retail implications

When addressing retail, the CIBJO report says Gen Z shoppers “crave good old-fashioned customer service, and instantaneous and clear responses to their questions”. As a result, staff training is crucial to closing sales with this cohort.

Equally important is store design: “Well organised and easy-to-navigate stores are most popular, as Gen Zs have notoriously short attention spans,” the report notes.

In terms of marketing, Gen Z respond best to visual media and prefer to see diversity, so advertising materials should use models of different sizes, ethnicities, physical features and fashion styles. Store branding should focus on being friendly, relatable and authentic, rather than ‘aspirational’.

More than 80 per cent of Gen Z read reviews online before purchasing – especially young women. Therefore, it is critical to have these consumers share any positive experiences they have with a retailer online.

And finally, buying on credit is considered very unappealing to young shoppers; they are “prepared to splurge, but it must be worth it. The more added value, the better,” Kendall writes. This wariness and willingness to save is attributed to Gen Z growing up in the aftermath of the Global Financial Crisis.

The report concludes that retailers might consider consulting a “20-year-old mentor”: “In today’s disruptive environment turning mentoring upside down might be the one way to keep your finger on the pulse of the market,” Kendall notes.

The nature of selling to Gen Z will be explored in further detail at the CIBJO Congress in Bahrain in November.

 

More reading:
How to steer your retail business through 2019
Diamonds and youth: Millennials and Gen Z drive sales
Score more jewellery sales by bridging the generation gap
The Gen-Y consumer tsunami

 











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Tuesday, 15 October, 2019 09:51pm
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