According to a recent survey conducted by KRC Research involving 995 millennial women, most US millennials are looking for diamonds with a value that can be used as an investment. The definition of investment for diamond jewelry is different per age group as 75% of US women between 18 and 34 saw diamond jewelry as an investment in themselves instead of money wise.
The figures from this survey explain why more millennial women are buying diamonds for themselves as cited from De Beers report, says DPA (Diamond Producers Association). Because the modern woman is using jewelry as a visual way to express their self-confidence while in addition, two-thirds of the questions millennials share that diamond jewelry made them feel more confident.
Higher earning millennials with annual incomes above $150,000 are looking for long-term financial value in their diamond purchases. However, 89% of all questioned women are looking for authenticity when buying diamonds or luxury products. Buying often fewer but finer items. This desire for uniqueness is more important at high-earning millennials reported the DPA, as millennials said that they would be embarrassed knowing they owned a knock-off, especially for luxury items.
Millennial consumers, in particular, are defining luxury beyond price. When evaluating luxury purchases millennials seek items that are genuine, unique and not mass-produced and have inherent meaning and value
– Deborah Marquardt, DPA’s Chief Marketing Officer
The outcome of the survey shows that the meaning of a diamond, authentic, rare and precious remains among the millennials. That is why DPA is preparing to extend their campaign called “Real is Rare. Real is a Diamond.
What do you seek when buying a diamond?