Jewelry Purchasing Behavior/Habits of Generation X 

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The trends being formed in the apparel sector over the past thirty years or so are more apparent in the jewelry sector, and are moving at a much faster pace. It is a fact that the jewelry industry is truly looking at a glittering future.

Jewelry’s Worldwide Market Share could get to 500 billion USD by 2026. The industry is just as dynamic in nature, with consequential changes expected in the industry, and consumer behaviour. 

Top Three Trends that Impact Effective Jewelry Purchasing Decisions 

  • Growth of branded jewelry 

While branded jewelry accounts for only 20% of the market share, it accounts for over 50% of the sales. The types of consumers that would invest in branded jewelry include those with new money, those looking to create an elite impression in society, and those who resort to brands for self-realisation. 

  • Internationalisation of the brands 

Jewelry is expected to follow a similar pattern as apparel to transform from a local business to become a truly global entity. A known brand takes precedence over the unknown for most consumers. Successful regional and national brands will look to expand borders and make a name on the world map. Participating in international jewelry fairs is a good way for jewelry players to explore the world in an organised fashion and enter new markets. 

  • Increase in fast fashion jewelry 

Fast fashion has a short time-to-market and meets the trending needs of the buyers quite rapidly. Fashion market jewelry is likely to see explosive growth in 2021. Consumers make spontaneous purchase decisions when it comes to fashion jewelry. 

Generation X: Characteristics and Behaviour 

Generation X, also called Gen Xers, are truly one-of-a-kind. Born between 1965 and 1980, they have grown up with little adult supervision, value their independence and ensure work-life balance. Technologically proficient, highly educated, flexible, and open to trying new things, this generation has accepted online purchasing like a champ. 

Keeping in line with the current trends as well as challenging times, online jewelry shopping has become the preferred method of purchasing for Generation X. They have their eyes on 

  • Brand quality as well as online reviews 
  • Pricing as well as the value of the jewelry 
  • Utility as well as the intangible benefits of specific jewelry items 

Generation X: Best Strategies to Connect with Them 

Generation X does not get carried away. The following activities can be carried out to connect with these prospective customers: 

  • Online 

Gen X likes to analyse products before making the final decision. Online platforms would work very well for them because they would compare prices and understand the name that the brand has made in the market. Ensuring strong content, engaging yet informative words, and trustworthy testimonials will be a sure-fire way to bring them on board. 

  • Offline 

Branding, and intelligent shop assistants are critical to establishing trust and communication with Gen X. Jewelry professionals should convey the right message in the right tone with personalised attention for a successful sales experience. 

Discover Istanbul Jewelry Show 

Informa Markets has organised the Istanbul Jewelry Show on 7-10 October 2021 at CNR Expo, Istanbul Fair Center. The event will be attended by jewelry businesses from all over the world, showcasing a wide variety of jewelry styles. Click here to register online.

 

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