Today, we have a guest writer and blogger, Miss Soosan Abed who is a Millennial with a long history in the IT Industry and yet, she has a personal interest in fine jewellery and watches.
She graduated from GIA and worked in the luxury industry before starting her own blog "Beautiful Ambitions in Motion"
Millennials, also known as Gen Y (because they come after Gen X), are born between 1980 and 2000. They’re the next generation to mature into their economic spending power. According to Bain & Co. (2016 sixth annual global diamond report) we Millennials spend an impressive $8 trillion in the three largest diamond markets alone: US, China and India.
Goldman Sacs reports that we still do things like other generations (move out, buy homes and marry) but we tend to do these things later. Delaying large financial commitments means Millennials have more disposable income and time for other life experiences.
Recently, a girlfriend (a Millennial with a successful banking career) purchased her first pair of diamond earrings. She sees diamonds as a reward as well as an investment piece, a purchase that will last longer than a season.
Being a part of the digital revolution, we Millennials are more comfortable than any other generation with utilizing technology to support our lifestyle. We do everything from socializing to purchasing online. And this trend is set to grow.
Diamond e-commerce is currently responsible for 8% of sales but according to Bain forecasts, it will be as much as 25% by 2025. We are a generation that has access to news, information, personal opinions and also products on a global scale, thanks to technology.
Through digital word-of-mouth, we can now inform our immediate friends, associates and even strangers, online about what we like (and don’t like). We are well-informed, have access to a multitude of options and are completely at ease with purchasing most items online.
However, even if we do make an online purchase, this is only part of the process. We, like other generations, want something that’s personal, meaningful and special when we invest in diamonds and jewellery.
We have high standards for what we consider positive purchasing experiences, regardless of where these take place. A great in-person experience is even more important to us. To be able to sit down with a diamond expert who can guide us through the process of choosing the right piece to suit our desires is invaluable.
Overall, Millennials are much like anyone else when purchasing something special. We want a wonderful experience – so we will most likely research (online) if we find time. If we can get access to a trusted advisor to help us and who can be there for our future needs, then that is not an experience we would want to turn down!
NB: All images are borrowed from different media, internet sites and MBC archive.