The next generation of consumers are digital natives. This means they have grown up using technology and are savvy with all things computer, Internet, mobile device, etc. This is an important first step in understanding the next generation consumer journey.
Let’s look at the first three steps in the consumer journey and what jewelers can do to create a positive experience in each area.
While many experts attempt to define the anomalies of emerging young adults compared to older generations, one thing may not be so different after all: how much relationships matter.
Business owners have been told time and time again that relationship marketing is the key driver of a successful brand engagement strategy and this rule doesn't apply any differently when marketing to affluent millennials.
While some people today may think that, others simply fail to recognize any differences among this increasingly discussed segment of the population. The fact of the matter is that in order to stay relevant in today’s extremely competitive business environment, professionals across all industries need to know more about these young adults.
Affluence is a popular topic among industry thought leaders. Those that are making more than $100,000 annually have the resources to spend more and are looking for high quality products.
While it may take quite a few years for individuals to accumulate these kinds of earnings, some young adults have already reached this segment of the population. As this group continues to grow and provides fuel for the entire jewelry market, many jewelers have found themselves asking:
"How can I improve my marketing to affluent millennials?"
There are currently 11.8 million millennials ages 18-30 living in U.S. households with annual incomes exceeding $100,000. By 2018, millennials will take over the luxury market.* Is the jewelry industry ready?
It’s a question the team at Jewelers Mutual has been asking itself. As a new reoccurring series, we’re proud to bring you Millennial Insights, to help strengthen and grow your business with the emerging next generation of luxury consumers.