Jewelry has been around for centuries, and it dates back to Ancient Egyptian times. Today, pretty much everyone wears jewelry, and there are numerous types of jewelry on the market today, with options for just about everyone. But which age group actually buys jewelry the most?
In this article, we explore the jewelry market and the percentage of the population or the age group that buys the most jewelry. So, let’s get started.
Well, in a survey by MVI Marketing, up to 51% of the population of millennial women purchase jewelry for themselves, primarily because for these women, being able to purchase jewelry from the luxury brands allows them to reach Generation. In this study that was conducted on 1001 women aged between 25 – 40 years across the United States, all with a household income ranging from $75,000 and above – a study focused on jewelry, hotels, and shoes, the results of the study showed that most of the women aged 30 years and above are only at the beginning of the spending cycle. In this age group, these individuals are at their formative stage, and at this age, their brand loyalty is attained through factors like style, engagement, as well as adornment.
From this study of 30+ years old women, at least 51% of the female respondents noted that they purchased their jewelry for themselves.
The same study further noted that as much as 14% of the interviewed individuals purchased the jewelry as gifts to their spouses and partners, while 17% made jewelry purchases together with their partners/ spouses, and 18% of the interviewed individuals said that the jewelry was purchased by their partner or spouse.
Regarding the motivations for the jewelry purchase, specifically for the individuals who bought jewelry for themselves, they noted that they bought the jewelry for themselves because they wanted to buy exactly what they wanted. Others did that to reward themselves just because, while others made the purchase to commemorate special occasions.
Further studies reveal that millennials spend more on fine jewelry than any other age group, and in the last year alone, individuals aged between 25 – 34 years spent as much as 28% more of their average household income on fine jewelry. The studies further revealed that these millennials aren’t the only youngsters that have changed their purchase habits, with consumers below 25 years increasing their expenditure on jewelry by 100% between 2003 –2013.
Interestingly, while most of these consumers purchase more jewelry, most of these consumers spend less on each piece of jewelry, and they are also changing the purchase periods, as well as the places where they buy the jewelry from. These consumers are also making more online purchases, even as the specialty jewelers lose their market share. Jewelry purchases also take place all year long, and they are no longer more concentrated on the holiday season. Generally, from this research and studies, millennials between 20 and 35 years drive consumer demand for different kinds of jewelry, more specifically, fine jewelry, including diamond jewelry. They are, however, spending more money and purchasing less jewelry in markets that were previously overwhelmed with different product choices.
Regarding the value of the purchases made by the millennials, fine jewelry sales to millennials reached $68.8 billion, with sales increasing by 7.7% to reach $9.13 billion in 2014.
If you are wondering what age groups buy most of the jewelry on the market, the answer is the millennials. Essentially, individuals between the ages of 25 and 34 are the biggest jewelry buyers.
Stephanie is a jewelry lover when she was a teenager. Her major was fashion design when she was in college. She is a jewelry designer at SOQ Jewelry and other design companies. Now she is also a writer for our website. She writes a lot of designs&brands posts with very actionable tips.