Wednesday, 29 August 2018
Millennial women more likely to buy jewellery for themselves
A recent report from MVI Research has found that, despite traditional marketing positioning jewellery as a gift item, over half of millennial females buy jewellery for themselves instead.
MVI Research, a leading provider of consumer and trade market research with a primary focus on jewellery and accessories, suggests that data from its research points to the necessity for major change in the jewellery industry and the need for a stronger female presence. MVI Marketing CEO Marty Hurwitz states that more women must be included in marketing, product development, and management processes in order to create a more appealing voice that female consumers can relate to.
The research, based on a study of a thousand women aged between 25 and 40, found that just 18% of participants surveyed named their spouses/partners as the household’s primary purchaser of jewellery. Furthermore, only 17% claimed they shop for jewellery with their spouses/partners, and astonishingly, as few as 13% purchase jewellery as a gift for spouses and partners.
Women’s tendency to buy for themselves is motivated by the desire for control of their purchasing decisions. Around 33% of respondents stated that they self-purchase as a result of wanting a specific item of jewellery. Such purchases are rarely spur-of-the-moment decisions, however, as 90% of those surveyed said they conduct research before buying a product, while about 20% buy for themselves to mark a special occasion, such as a birthday.
In concluding the report’s findings, MVI Research asserted that actively incorporating millennial women more in the jewellery industry, particularly through brand and product testing, is a huge growth opportunity. By investing in marketing towards younger consumers now, manufacturers and retailers could generate brand loyalty for up to 30 years or more.
Courtesy: Luxury Daily