The Millenial Mindset Report was published by the Boston Consulting Group and Worth Media Group, publisher of Worth magazine.
According to the report, 55 per cent of Millennials purchased jewellery in the past 12 months, surpassing 41 per cent of Gen Xers and 33 per cent of Baby Boomers. In regards to watches, 48 per cent of Millenials made a purchase in the 12 months, compared with 31 per cent for Gen X and 30 per cent for Baby Boomers.
Regarding luxury goods generally, 63 per cent of Millenials purchased in the past 12 months, exceeding Gen X (50 per cent) and Baby Boomers (31 per cent).
In recent years, evolving consumer habits have outlined a concerning scenario for jewellery retailers. Among the leading issues was Millenials' preference for travel over material possessions; however, this report suggests otherwise.
Over the past year, just 61 per cent of millennials spent money on air travel, compared with 80 per cent for previous generations.
Another trend of concern was ‘quiet luxury’ – a preference for minimalist fashion instead of bold statement pieces; however, Worth executive editor Sean Captain suggests that Millenials may not be headed down the path.
“The love of prominent brands may gibe with other priorities. Seventy per cent of millennials said making a good impression is important to them, with 54 per cent saying they like showing off their wealth and success,” he said.
“Perhaps quiet luxury is dying or never applied as much to this generation.”
Unsurprisingly, the report found that among the ultra wealthy – those with net worths above $USD3 million – the rates were even high, with 71 per cent of Millenials purchasing luxury goods, 68 per cent purchasing jewelery, and 59 per cent purchasing watches.
The report also offered insight into brand selection, with Millenials naming Buccellati, Cartier, Gucci, and Pandora preferable. Luxury watch brands Breitling, Patek Phillipe, Panerai, and Rolex were also listed.
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