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Young consumers are more interested in precious jewels, PGI says


Luxury shoppers, particular the younger generations, are willing to spend on luxury items, especially precious jewellery, according to a recent survey conducted by the Platinum Guild International (PGI).

The survey has interviewed 2,000 consumers aged between 18 and 65 who have bought and expect to buy precious jewellery in PGI’s four major markets namely China, India, Japan and the United States. Most of the correspondents displayed stronger willingness to spend on precious jewellery during Q3 2021 when compared to the previous quarter. Seventy-eight percent of China, 68 percent of Indian and 63 percent of American consumers have planned to maintain their current spending or increase spending in precious jewellery, compared to 72 percent, 60 percent and 60 percent in Q2.

An increased preference for platinum is observed in some product categories, such as engagement rings and wedding bands, in Q3 among young women in China, Japan and the States.

Younger shoppers aged 18-45 are the core consumers for bridal jewellery. The survey said they also have plans to buy non-bridal precious jewellery in the next quarter and within the next year, making them the driving force in the precious jewellery market.

“The third-quarter consumer survey shows a stronger willingness of consumers across three major markets to spend on precious jewellery, especially when pieces are associated with an emotional connection. Also, Millennials and Gen-Z consumers, who are leading the future market growth, have given more attention to platinum to express their value and celebrate special moments and cherished relationships. This creates an exciting opportunity for the jewellery industry to seize”, said Zhenzhen Liu, director, global corporate marketing of PGI. (Photo courtesy: PGI)



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