You must have heard of the different human generations and how the people of each generation is different from the others. When the millennials are hitting their mid-twenties, the Gen Z’s are being molded into individuals. Almost 74 million US population consists of the Gen Zs, which means once they reach middle age, everything in the world will depend on their attitude and lifestyle. The diamond industry will also be affected as predicted by experts.
Millennials Vs Gen Z
Let’s look at the difference between the two generations and how the diamond industry change.
The millennials are widely categorized as those being born between 1986 and 1996. They are known for their self-centered and open-minded approach so much that they are called Generation Me. Being the first generation to be introduced to the digital world and the internet, they are said to be the most to shop online and spend money. Also, they are the most open-minded generation advocating for equality and rights. As they become more stable, the amount they spend will also increase.
Gen Z is accounted as the group of people born from 1997 and the oldest of them are still young adults. Since they were born during a depressing time, they are the opposite of the millennials who were self-obsessed. They are entrepreneurial, outwardly, realistic, and optimistic. They know how to deal with everything practically and will not spend much.
As the times are changing, what is the future of the diamond industry?
Experiences
Millennials not only spend on buying things, but they also love creating experiences. It was reported that 82 percent of millennials would invest in traveling while only 75 percent of the other generations did. 97 percent of those who traveled also shared it on social media.
By using 3D dynamic jewelry imaging, retailers can catch their attention and encourage them to buy.
Conscious
The Gen Z youth look for eco-friendly, ethical brands with other moral values. They will be attracted to brands that provide details from the day the diamond was dug out till when it reached the showroom. Transparency and value are things they look for in a brand. 60 percent of Gen Z population confirm that they will buy diamond from brands that take an ethical stand.
Commitment
The way these two generations have changed the representation of commitment asks for a quick reform from the traditional engagements or weddings. Many of them are not willing to get married and do not seem interested in the idea. Without a change, people will not even buy a simple, cheap 1-carat engagement ring. The companies have to introduce something different that would represent the freedom and love the couple has for them to buy jewelry.