Fewer, Finer: What Millennial Women Want in Luxury Goods
Thursday, September 14, 2017
By the Diamond Producers Association (DPA)
Hearts On Fire
Despite living in a world of fast-fashion and unlimited choices, millennial women crave the opposite. This sentiment is apparent in the “buy less, buy better” mentality prevalent today and validated in a new study by the Diamond Producers Association (DPA), commissioned to understand the relationship between women and luxury goods. After polling nearly 1,000 millennial women, the survey uncovered findings that speak to a preference for ‘the real deal,’ with nearly 9 in 10 (89 percent) looking for authenticity when buying luxury items such as diamonds. Not only are millennials expressing a preference for authenticity in luxury goods, the survey also found they prefer fewer and finer items—with 94 percent of the highest earning millennials expressing a preference for one expensive item that is genuine, over lots of cheaper ones.
“Millennial consumers in particular are defining luxury beyond price,” said Deborah Marquardt, Chief Marketing Officer of DPA. “When evaluating luxury purchases, they seek items that are genuine, unique and not mass-produced, and have inherent meaning and value. This preference speaks directly to the diamond promise—in an increasingly artificial world diamonds remain authentic, rare and precious.”
Respondents eschew cheap and fast in favor of longevity and quality
The survey findings offered additional insight into what modern women really want when it comes to luxury goods, such as diamonds. Notably, respondents highlighted long term value, both emotional and financial, as a priority in luxury purchase decisions, with 75 percent of millennial women seeing diamond jewelry as an investment in themselves and 82 percent viewing diamond jewelry as a long-term investment.
Furthermore, the ability to take pride in the legitimacy of purchased luxury goods remains pivotal in purchase considerations. Simply put, millennials don’t want knock-offs. Nearly 9 in 10 (89 percent) millennial women are looking for authenticity when purchasing diamonds and luxury items. This desire for authenticity is even greater among high-earning millennials, with 85 percent saying they would be embarrassed knowing that they own a knock-off, especially for luxury items. Lastly, the survey found that luxury goods offer modern women a way to visually express their self-confidence—with 2 in 3 (66%) millennial women saying they feel more confident in themselves when wearing diamond jewelry.
The Diamond Producers Association is an international alliance of the world’s leading diamond mining companies, who are united in their commitment to best-in-class ethical and sustainable operations and transparent business practices. Register here to access exclusive industry resources, research, sales tools.
The survey was conducted online by KRC Research from July 10 to July 14th among 995 millennial women between the ages of 18-34 in the U.S. with a margin of error of +/- 3%.