Selling Jewellery to Gen Z: Opportunities and Challenges

January 2024

To boost sales, the jewellery industry must focus on Gen Z, which comprises over 23% of the population and has growing purchasing power. The industry faces the challenge of aligning with Gen Z’s values to secure their attention and spending. Technology, particularly social media, is vital for engaging with them, serving as both a self-presentation platform and a shopping destination. Understanding and responding to their sustainability needs is a puzzle the industry still needs to solve.

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Key Findings

Jewellery has not fully recovered yet, but has returned to growth

The jewellery industry continued to grow in 2023, with value sales posting a 3% increase in constant terms. However, a full recovery to pre-pandemic levels is not expected until 2025. Fine jewellery is predicted to drive growth over the forecast period, but its performance will be tied to its ability to attract Gen Z consumers.

The Gen Z jewellery consumer can be a complex and demanding one

Gen Z accounted for just over 23% of the world’s population in 2023. With its purchasing power and influence set to increase, adapting to its demands will be key for jewellery brands to maintain growth. Understanding these consumers is challenging, as they are significantly different to their predecessors, have contradictory attitudes, and change preferences quickly.

Gen Z challenges jewellery brands to (digitally) address their identities and needs

Gen Z jewellery consumers are more frequent shoppers, and are trend-orientated, identity-driven and digitally engaged. They value the ability to build a jewellery wardrobe they can choose from to express their identify. Social media is not only a stage to present themselves, but also a search engine for discovery and a shopping destination.

Gen Z’s values can determine their purchasing decisions, but not always

55% of Gen Z consumers surveyed in 2023 were concerned about climate change; however, this percentage has been declining, which, coupled with this cohort’s preference for ultra-fast fashion, rather contradicts this claim. Consumers and the industry need to align better with sustainability, and transparency, clarity, evidence-backed claims and education will be key.

Jewellery brands need to be agile, adaptable and highly attuned to the latest trends

The jewellery industry is still trying to determine how to respond to the changing nature of Gen Z’s preferences and habits. Although companies claim to be adapting their offerings to cater to these consumers, some of their initiatives seem to contradict this. The cost of living crisis emphasises the importance of value, but to reach these consumers values are more important.

Scope
Global Gen Z population: A snapshot
Executive summary
Following the deceleration in 2022, jewellery sales see faster growth in 2023
Fine (and luxury) jewellery drive post-pandemic value recovery…
…although potential challenges lie ahead in the bridal market…
…while costume jewellery begins to show signs of recovery
Asia Pacific continues to dominate jewellery sales, but Latin America is growing faster
Gold and rings gained share within fine jewellery, while neckwear gained in costume
Top five companies in jewellery gained share during the pandemic
Acquisition of Tiffany & Co boosts LVMH Moët Hennessy Louis Vuitton SA’s ranking
Store-based retailers remain vital for jewellery purchases…
…as e-commerce growth begins to decelerate across the globe
Who is the Generation Z Jewellery consumer?
Although important, Gen Z prioritises comfort and quality less than other generations…
…but this generation is more trend-orientated than others
How BaubleBar is meeting Gen Z demand for “on-trend” jewellery
Gen Z are the second most frequent buyers of fashion, behind Millennials
For a digital native consumer, social media serve as a key touchpoint into jewellery
Brilliant Earth expands its consumer base through social media
High price is a barrier to sustainable purchasing, but consumer education is more relevant
Gen Zs report lower levels of trust in sustainable product claims across the board
Resale or pre-owned set to become a larger conversation in the jewellery industry
Australian brand Michael Hill launches Re:cycle, a major push into circularity
Industry must prepare for Gen Z as the new bridal customer…
…as Gen Z looks to embrace and empower their personal style on bridal occasions
Understanding and supporting Gen Z’s concerns around identity is key to build engagement
Less rigidity in gendered values among Gen Z present opportunities in men’s jewellery
Jewellery brands understand that the shopping experience is key for Gen Z…
…but profitability and price take priority in the short-to-mid term...
…and low prices could attract Gen Z, but is far from enough
Jewellery brands rely on technology to attract Gen Z
Claire’s venture into AI and web3 to appeal to Gen Z and Gen Alpha consumers
The Clear Cut caters to Gen Z through future-forward solutions: NFTs for engagement rings
The challenge of properly communicating brands and companies’ sustainability efforts
Penny Pairs offers affordable and sustainable jewellery to younger consumers
The Ethica Diamond: A UK-made diamond that is more ethical and sustainable
Aligning with Gen Z’s values and lifestyles is easier said than done
The industry has responded with men’s products, collaborations, special editions and more
Bernard James champions diversity, self-expression and the emotional value of jewellery
Tiffany & Co captures the attention of Gen Z- ers with its blockbuster collaboration
Markets with the highest proportion of Gen Z offer opportunities for brands that are ready
Increased costs and cost of living crisis to continue pressuring jewellery brands
Gen Z’s future spending habits expected to shift impacting their shopping preferences
The industry needs to be agile, adaptable and highly attuned to the latest trends
One-size-fits-all approach to sustainability will not work with Gen Z jewellery consumers
The future jewellery brand: trendy, digital, affordable, ethical, sustainable and more
Key findings
Definitions
About Euromonitor International’s Voice of the Industry survey series
About Euromonitor International’s Voice of the Consumer survey series: Lifestyles Survey
About Euromonitor International’s Voice of the Consumer survey series: Sustainability Survey

Personal Accessories

Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.

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