PEAKLIFE

Over the years, the way a millennial thinks and works has changed a lot, and the most important change the industry continues to witness is in their interest in jewellery along with their buying habits. Milind Mathur, Creative Director and Partner, Kohinoor Jewellers Agra unveils the four big trends millennials are bringing forth to the world of jewellery.

The consumer today is evolving. Millennials look like a different league entirely when you compare them to consumers in the old days. Millennials are a very important segment and are also the future of the jewellery market. Hence, it becomes important to understand their values and priorities and develop the relevant strategy in the highly competitive market that we are living in today.

1. WE ARE MINING FOR THE MILLENNIALS

The competition in the market has increased with many new brands coming up. And with the increase in the disposable income of the millennials today, retailers are finding it difficult to attract the young audience and make them loyal consumers. Millennials today are all about self-expression. They firmly believe in having an opinion, an ideology that they can follow and most importantly, a brand that they can relate to. They choose brands that they feel represent them. They care about CSR; they want to know everything in detail about the product that they are investing in and are the true advocates of ethical products.

Brands today are revamping their entire website just to ensure they are able to express their values, ethos and ideas to the millennials. The website or the social media handle is not restricted to just showing the jewellery pieces. It includes many more things than that. Styling tips, behind the scene content, and inspirational stories amongst others make up for this. The mindset of the millennials is constantly changing. They are fearless and love to experiment with things.

2. ETHICAL AND GOING BY THE TREND

When it comes to diamonds, millennials care about the responsible sourcing of diamonds. Unlike earlier, the impact and the effect a product has on the environment does matter to a millennial. They will always go for brands that are ethical and sustainable and have a strong set of moral values. Along with being responsible, the millennials today are a part of the digital media generation that makes hem always be on their phone. And the jewellery industry is taking advantage of this shift and trying to understand the pattern and gather insights from the same. This is helping them target the millennials in a better way and also bring the right set of products to them.

I can definitely see that millennials are interested in precious metals, diamonds and gemstones. But turning them into loyal customers requires a well-planned marketing strategy. At this point, it is important to design pieces that are appealing to the young consumer and then make them believe that these pieces can be worn any time and they should not look for any special occasion. Their intent to shop online continues to increase. And the interesting part is that we are expecting that these habits are going to stick around for a really long time.

3. ONE JEWELLERY PIECE – MULTIPLE OCCASIONS

The millennial of today is not someone who just sits at home and does nothing. They go to offices, parties, dates, and for that, they prefer jewellery that would work for all the occasions. The purpose of jewellery is not limited to them. They look for a piece that has a broader functionality. We have to understand the preference and plan a strategy around the same. In the past, retailers only focused on the young audience to buy jewellery for their wedding, anniversaries or as a gifting item. But times have changed now. The retailers are pushing the idea of buying a jewellery piece that can be worn any time. Millennials today are wearing jewellery in ways that one would have never imagined. Blending expensive and inexpensive pieces together is one such trend that I have come across.

4. EXPERIENCE MATTERS

Millennials are not looking for just a jewellery piece, in fact, they are looking for an overall experience with the product and brand. And this experience includes everything right from the moment they set their eyes on the product to the time they have made the purchase. Millennials form an important segment today and they are creating a new trend every day. Not just a trend, but they are pushing everyone towards a sustainable future.

Disclaimer: The article is authored by Milind Mathur, Creative Director and Partner, Kohinoor Jewellers Agra. The views and opinions expressed in this article are those of the author’s and do not represent those of PEAKLIFE.