Introducing the Next Generation of Jewelry Shoppers
Knowing your customers and future customers is extremely important. It helps you prepare and market your business in order to stay relevant. The same holds true for knowing your employees and future employees.
Millennials have been researched and talked about for years. You most likely work with a number of them throughout the course of your daily business.
Generation Z is the generation following the millennials. Researchers have just begun to scratch the surface of figuring these tweens and teens out. Keeping tabs on this up-and-coming generation will help put you and your jewelry business in a better position to plan and market for future success.
Let’s get to know these generations a little bit better.
A millennial is a person who was born in the 1980s and 1990s, also known as Generation Y. Even if you’re not a true millennial, you most likely have a millennial mindset. This means the first place you’re likely to search for information is on a mobile device and you utilize content to help make purchase decisions before entering a store.
There are approximately 82 million millennials and 10 million of those are considered to be affluent. That means they earn over $100,000 per year. According to Jeff Fromm, president of FutureCast, a marketing consultancy agency specializing in millennial trends, millennials living in urban markets making over $250,000 per year are the fastest growing group of consumers.
More than 50 percent of affluent millennials are women. Because of their income, they have the luxury of shopping anywhere they want and that includes any jewelry store they want.
Not only do they appreciate a great customer experience, they expect it. Treat them like a unique customer and make sure your online presence is relevant.
Watch this video to hear Jeff share a short synopsis of millennials.
Keep in mind that more and more millennials are getting married and when they shop for engagement rings, they start the process early. They are turning to their phones and social networks for advice on finding preferred retailers and selecting designs.
Generation Z consists of those born in 1995 or later. They currently make up the largest percentage of Americans and according to the Huffington Post are said to contribute billions of dollars to the economy. As a luxury retailer, you may not have many teenagers come through your store, however, this is definitely a group to pay attention to in the years to come.
This generation has never lived in a world without the internet and social media. This constant screen time has contributed to shorter attention spans and adept multitasking skills. According to Forbes.com, the average attention span of a millennial is 12 seconds and for Gen Zers, that number is an astonishing 8 seconds.
Interestingly enough, both generations have a lot in common. Both grew up with technology, are devoted to their professional development and continuous learning, and want to contribute in a meaningful way.
When it comes to their views on the workplace, both generations expect their employers to not only do good in the community but to be good to their employees.
If you’re thinking this sounds like a lot of work and a lot of money, don’t worry, it doesn’t cost a ton of money to reward your employees and treat them well.
At Jewelers Mutual, we have several premium jeweler programs to support store owners in extending service after the sale. These programs are a great way to grow your business, enhance the overall customer experience and reward your employees.
It’s easy to earn points or cash that can easily be shared with your employees.
Food for thought: Can your customers interact with your website easily from their phone? Does your business have an active Instagram or Facebook page? Can young shoppers find your store online and shop for jewelry?
This is the first in a series of blog posts that will cover current and future jewelry store consumers. Stay tuned for our next post in February. We’ll discuss how to sell to the next generation.