jewelry: Millennials

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The 'Millennials’ Part 2 - insights Into What’s Shaping their Buying Habits

Angelka

By Chris Benham, co-founder and director of Inspired Jewellery Ltd.

Creating a luxury brand amid the information overload on the internet is increasingly becoming a challenge. As jewelry companies look to position themselves for the next generation of purchasers, I took the opportunity to two professionals in their early 20’s (the “Millennial Generation”) to share their views on what’s shaping their buying habits and how they are filtering through the holiday sale season madness.

In part one we heard from Hunter. Now we meet Angelka. They both provide valuable views into what’s important to them and insights into what investment jewelry companies need to make to win their trust and future business.

Angelka:

I think brands need to almost redefine themselves when marketing to millennials. With so much going on in our fast-paced lives, it’s extremely difficult to gain my attention if you’re not doing something interesting and memorable. Price is less of a determining factor, at least in the first instance to gain that attention. Brands and products need to connect with my personal values and lifestyle first and then offer incentives for me to buy their products and remain loyal.

Sustainability may seem like a buzz word to some people, but it is a value that is only going to grow in importance. Brands like The Earnest Workshop build their company ethos around sustainability and creating products that are of high quality, stand the test of time, yet have minimal impact on the environment. It is a company that I only happened to have a chance encounter with, but one that will stay in my mind, and I now enjoy following their progress to see what new pieces of furniture they are making.

Quality is another deciding factor - but genuine quality. Trilogy skincare is an example of a product which, thanks to word of mouth, I know to be of high quality - you can’t get more genuine than the recommendations of trusted peers; therefore I don’t buy anything else, even though there are cheaper alternatives. Add to that their simplistic, natural, organic and sustainable focus, and you’ve got a brand that I love.

The sports and fitness clothing store Lululemon is another example of a brand creating a buzz by aligning themselves with the millennial lifestyle. They advocate a healthy, free-spirited way of living, focusing on making the most of experiences and living in the moment. They offer free yoga and barre classes. Their gear is still pretty expensive so I’m yet to buy anything - but it was top of my Christmas wish list, so they’re doing all the right things.

For me personally, working in marketing, I feed off brands that are doing clever things in the marketing space. Kiwi chocolate brand Whittakers, and Australian brand Mimco are always active on social media, engaging with their customers and above all, leading the trends. That’s another reality - especially for females my age - brands need to be perceived as style and trend leaders, not followers.

I feel that the discount madness is overwhelming and it’s causing me to not buy at all. Each day I receive up to 20 promotional emails - most of them I delete, and I know I should unsubscribe, especially from the daily deal website emails. Even daily deal sites that are focused on high-end offers from the likes of fashion brands don’t get much attention because the background and brand stories are missing. Interestingly, the experience-related deals such as dining out, holidays, flights and accommodation still appeal. We do like to get deals where it matters.

With technology, shopping has become a well-thought out process. Extensive research is carried out for most purchases to narrow down my choice to only a few brands or stores. While price is still a factor, if I didn’t do this research beforehand based on what brands and products appeal to me personally, I’d go out and feel lost amongst all the discounts and promotions going on at the same time. Shopping in general is being replaced by other activities - there is definitely a lifestyle shift amongst people my age to valuing quality over quantity and seeking leisure time activities other than shopping at malls and big retailers.

So while price can still be a determining factor in my daily purchases, brands that want my attention and loyalty need to reach me on a different level. As my disposable income increases, it will be those brands that are top of mind and that I ultimately purchase from, not the brands that are promoting 40% off in tacky flashing lights.

The 'Millennials’ - insights Into What’s Shaping their Buying Habits

Photo credit: Shannon Stapleton/Reuters

Jewelry News Network guest columnist, Chris Benham, is co-founder and director of Inspired Jewellery Ltd., Wellington, New Zealand, a global creative studio for specialist jewelry design.

Creating a luxury brand amidst the information overload on the internet is increasingly becoming a challenge. As jewelry companies look to position themselves for the next generation of purchasers, I took the opportunity to ask Hunter and Angelka, both in their early 20’s (the “Millennial Generation”) to share their views on what’s shaping their buying habits and how they are filtering through the holiday sale season madness.

In part one of this two part article we hear from Hunter, followed in part two by Angelka. They provide some valuable views on what’s important to them and insights into what investment jewelry companies need to make to win their trust and future business.

Hunter:

There will always be those who are motivated primarily by price, but I think that quality is becoming a more decisive factor in the purchase decisions of the middle class with budget concerns but still with income disposable for consumer goods purchases.

My purchases have definitely shifted in recent years to quality, longevity, exclusivity, innovation and/or tradition, and un-branded, timeless style. Plain leather shoes, vinyl records, and Ikea furniture being a few examples. The brands that appeal to me are ones that think outside the box and sell me on their product instead of their logo. My watch designed for the sight-impaired, and my urbanears headphones are the kinds of products I most treasure. Based on where I see a lot of these such products coming out of, I think that Northern Europe learnt this idea a while ago.

Our generation has seen quality triumph over price or quantity already in digital media: music and movies are now so easy to purchase online (and of such reliable quality) that the majority of consumers are choosing to do that instead of downloading free pirated copies. I think it's natural to be distrustful of something that's irrationally low priced. There's a reason why a company would charge more for their product, and if it's not because they have an expensive label (see Gucci, Louis Vuitton, etc.), then presumably it's because it costs more to make and is of higher quality.

It's more than just your pricing - your whole company has to reflect that image of forward-thinking design and age-proven quality. It's manifested in everything from the materials of the product (wood, glass, metal, and natural fibers seem to be preferred over plastic and its derivatives) to the fonts you use on the website.

I value companies that have a forward-thinking outlook, but root it in a timeless, tangible product. In particular companies that build a story around the people behind the products. When I bought my watch (designed for the sight-impaired), I could view on the company's website not only the entire company from designers to marketers, but also some of the blind people they brought on as beta testers. That human element really set them apart to me. I would continue to stress it when individuals design and build jewelry.

Charitable donations and purchases are increasingly indistinct to my generation, and so when we have the chance to directly support people with our purchases, we respond to that. Kickstarter, the crowdfunding site where you pledge money that becomes the company's investment capital in return for perks or the first products off the line, does a great job of leveraging that. Another example is a website called Subbable - I donate a small monthly amount to online video producers that I like to support their (ad-free) content, and in return I can "bank" those dollars towards perks (like merchandise). I wouldn't do this if I didn't feel some connection to the producers.

I definitely believe that buying decisions in my generation are shifting from purely price-driven to something based in quality that reflects one's personality and tells a unique story.

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