Platinum Guild International’s new survey shows younger customers will be a driving force for future demand.
Global consumer markets such as the United States, China, and India are steadily recovering from the COVID-19 pandemic, with luxury shoppers showing greater optimism and improved consumer sentiment across all categories, especially precious platinum jewelry. 2,000 consumers who have bought and expect to buy precious jewelry, aged between 18 and 65, were interviewed in Platinum Guild International (PGI)’s four key markets – the United States, China, India, and Japan. There is a growing demand for precious jewelry in key markets, particularly among Millennials and Generation Z consumers, according to the latest consumer survey commissioned by PGI during Q3 2021.
Stronger willingness to spend on precious jewelry in Q3 2021
The majority of consumers across the US, China, and India, displayed stronger willingness to spend on precious jewelry during Q3, compared to the previous quarter. In Q3, 78% of Chinese, 68% of Indian and 63% of American consumers plan to maintain their current spending or increase spending levels in this category, compared to 72%, 60% and 60% in Q2, respectively.
Platinum gets more attention amongst younger consumers in multiple markets
When asked about preferred materials for different kinds of precious jewelry the consumer would like to purchase or receive, an increased preference for platinum is observed in some product categories in Q3 among young women in the US, China, and Japan. In the US, preference for platinum engagement rings among women aged 18-30 and 31-45 rose to the highest levels compared with the previous three quarters, at 34% and 49%, respectively.
Millennials and Gen-Z consumers are the driving force of future purchases
Younger consumers, such as Millennials and Gen-Z, will be the driving force in the precious jewelry market. Not only because they are the core consumers for bridal jewelry, according to the survey, more consumers aged 18-45 have plans to buy non-bridal precious jewelry in the next quarter and within the next year, either for themselves or for gifting.
“The third-quarter consumer survey shows a stronger willingness of consumers across three major markets to spend on precious jewelry, 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 jewelry industry to seize”, said Zhenzhen Liu, Director, Global Corporate Marketing of PGI.
“We continue to see growth of the demand for platinum jewelry, quarter after quarter, in 2021”, shared Jenny Luker, President of PGI USA. “This sustained upward activity as we move into the all-important holiday season should ensure retailers that the demand for platinum jewelry is evident and they should prepare their inventory accordingly to meet consumer demand.”