Much is made about catering to the Millennial jewelry customer. After all, they are our customer base with the longest spending potential. So it just makes sense to speak to that market in a way that they understand and will respond. Jewelers are taking down their current websites and replacing them with new ones with visual appeal that triggers a ‘yes please’ from the Millennial consumer – and reducing their website content to reflect the visual preferences for this group.
Millennials by and large also shop with a short list of ethical standards that they want to see met. They like up-cycling, which is probably a word that they created. Recycling gold from their own broken or outdated stash and otherwise reusing grandma’s diamonds and gems seems like a very green move for this thoughtful crowd. And it is laudable for all of us to re-purpose precious materials that have out stayed their welcome in items that no longer are worn.
The Boomer Clan
But the Boomer customer – while we are making plans to capture that long-term sector, we inadvertently do not want to leave our mature consumers in the lurch. Boomers have by now booted (hopefully) their offspring out of the home after footing their college education. This niche has more disposable income for that reason than do their Millennial counterparts. They also have a clear sense of how much discretionary income they can spend at any time – and as the years go on, they know the time is ripe to buy that special piece they’ve eyed forever.
The mature customer knows their taste, and unlike the Millennial who is engaged in career building and asset acquisition, the boomer has what they have and understands clearly what they like and can afford. Their per-item purchase is likely to be higher on balance than the 30-something’s who must save for future families and big purchases like a home.
Finding That Sweet Spot
The Boomer consumer is a worthy client to nurture and adore. They may be your best customer for more traditional luxury items in your inventory – not always the first to clamor for daring jewelry trends – but the mainstay of your business for sure. Today, all jewelry collectors have segued to wearing more casual jewels – even pricey ones; since that fits better into a modern lifestyle irrespective of one’s social class. But you have a friend in the Boomer crowd – court that important niche and feel the love come back your way.
Award winning trade journalist and gemologist Diana Jarrett is a Registered Master Valuer Appraiser and a member of the Association of Independent Jewellery Valuers (AIJV). She’s a popular speaker at conferences and trade shows. Jarrett writes for trade and consumer publications, online outlets, her blog: Color-n-Ice, and www.jewelrywebsitedesigners.com. Contact her at firstname.lastname@example.org, visit her website at www.dianajarrett.com, and follow her on Facebook and Twitter (Loupey).