De Beers Group, the world’s leading diamond production company, has announced that millennials aged between 15-34 spent more than US$25 billion on diamond jewellery in 2015, more than any other generation.
This comes from the company’s Diamond Insight Report 2016.
In the four largest markets (US, China, Japan and India), which makes up 73 percent of global diamond jewellery demand, the Millennial generation account for more than half of the total retail value of new diamond jewellery.
This is just over 220million people, and the report outlines that amazingly, this generation is yet to reach its most affluent life stage. That is expected to happen in another 10 years, which means this generation is also one of diamond sector’s largest growth opportunities.
With such a huge figure, there are undoubtedly a number of myths as to why it is so high. De Beers have gone to the effort of making sure those myths are knocked back – the pick of the bunch? Millennials have a different attitude to romance and the romantic significance of diamonds.
Well, take it away De Beers: “Millennials share many of the same views and attitudes to life, love, marriage and family, and lifetime values as older generations, but these manifest themselves later in their lives, as they reach financial maturity later.”
The report also identifies nine fundamental trends that will shape the future of the industry over the next 10 years:
Looking to the future, De Beers state that as with most things – consumer attitudes to diamonds is entirely unpredictable. New demographics and company innovation will have a huge say in the matter as demand could broaden or even shrink.
Visit the De Beers Group website, where you can read the Diamond Insight Report 2016.
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