Madestones announces a renewed request to the man-made diamond industry, which will require new business approaches. It is preconditioned by the shift of purchasing power from adults to youngsters, whose idea of jewelry is quite different
ANTWERP, BELGIUM, March 12, 2023 /24-7PressRelease/ — One should not be an economic analyst to understand that the target audience determines the product regardless of the segment. What can happen if the age of the current consumer turned to be two or even three times lesser than it was yesterday? There is a rare parent and child who can make a similar choice when buying jewelry. A difference in one generation means a difference in a set of values, which are usually the ground for added value in business. So, a changed buyer’s profile forces irrevocable changes in the product’s features and positioning.
The new face of man-made diamonds’ buyer
And this is what exactly happened in the lab-grown jewelry market – children have gained bigger purchasing power than their parents just in a few years. Right before the Covid times, adults 55 – 64 years old formed the age group that used to spend the most on fine jewelry. Yet, 2021 has brought an unprecedented level of demand from the side of people under 25 years old. Due to a survey by the Labor Statistic Bureau, in 2021 in the USA Gen-Zers increased their spending on jewelry four times compared to previous years.
But it is not a single surprising demographic change that is meaningful for sellers. There are also two unexpected findings – changes in the cultural profile of the buyers. So, for the first time in history, Americans, who identify themselves as Asians and those, who reside outside of urban areas, appeared to be among the top spenders on man-made jewelry.
Why are these demographic changes so influential?
It is needed to start with the numbers. Thus, recently the number of Gen-Zers has reached the point of 2.5 billion people globally and it is around 33 percent of the world’s population. Gen-Z generation became the largest group of consumers.
To see the scale of influence of youngsters on the lab-grown diamonds industry, Madestones company proposes the following reality-exaggerating case when training the staff. Imagine just one crowd of different people, each of whom has a bright personal identity, thirst for streaming products, and is armed with the need to be so authentic as no one ever was. When imagining this, let’s imagine you to be a manager of the showroom who should offer something to all of them right now. You must feel an incredible pressure of circumstances – you need to respond in a prompt, creative, and highly individual-oriented way or they will move to the nearby shop.
Every manufacturer, every manager, and every retailer is currently in the situation of this imagined manager of the showroom – they are under the pressure of an updated request and have no other way except for responding. That is why the industry will react with prompt and substantial transformations.
So, what novelties are ahead?
Prevailing segment. Apparently, engagements and weddings are the core points of interest for young people, and engagement rings accompanying these events seem to become the most prevailing segment of man-made jewelry in the coming years.
Soft prices. Gen-Zers appreciate the opportunity to get more when paying less. Experts confirm this idea, which Paul Zimnisky calls “a trend of softer prices”. The analyst predicts that this trend will force retailers to lower the prices or offer intricate advantage-forming justifications for increasing them.
The confirmation of the two mentioned predictions could be found right now in jewelry marketing campaigns which accents budget price for engagement rings with lab-grown diamonds bigger than one carat.
Two extremes in color. Gen-Zers strive to be authentic and in the majority of cases like noticeable experiments or pure “naturality”. So, they buy lab-grown diamonds of saturated colors or absolutely colorless.
Here are just a few examples.
Madestones announces launching a new green-diamonds line, that is aimed at meeting both trends – appeal-to-naturality and a colorfulness.
Magenta pink, which belongs to the red color family and has a pinky tinge, is called a trend color of 2023. Pantone experts have named it Viva Magenta and described it as “unconventional red for an unconventional time”.
These are just the first signs of changes, but more transformations are coming.
Madestones – a private initiative that was born in the heart of Europe, in the diamond capital (Antwerp), and has grown into the largest trader of man-made diamonds. We have strong sustainable-oriented values, used to follow the highest standards and promote “out-of-the-box” thinking. While appreciating eternal jewelry traditions, we are always ready to meet any current request that is driven by creativity and innovations.
For the original version of this press release, please visit 24-7PressRelease.com here