An interactive zone at Forevermark's Next Generation Retail Concept boutique
Forevermark's Next Generation Retail Concept boutique
The diamond jewellery market in China is ever growing, according to Forevermark CEO Nancy Liu.
In general, the company sees an increase in the average number of owned jewellery pieces in China. “Compared to mature markets like the US and Japan, which have average diamond acquisition rates of 11.5 pieces and 10.4 pieces respectively, we see dazzling opportunities in China,” remarked Liu.
Three forces fuel China’s market potential: Gifting, female self-purchasing and millennials. This bodes well for Forevermark since its target consumers are 22- to 45-year-old decision-makers who can buy diamond jewellery.
According to Liu, around 58 per cent of diamond jewellery purchases in China are gifts of love. More women are also buying diamond jewellery for themselves. “This trend offers a growing opportunity, particularly to repeat purchasers. A greater variety of designs however is needed,” she noted.
Citing female millennials as “engines of growth,” Liu said this consumer group alone already accounts for majority of diamond demand. They desire natural diamonds and value their symbolic meaning, she continued.
To better target and engage with Chinese consumers, Forevermark has partnered with Beijing Cai Shi Kou Department Store Co Ltd or Caibai to offer an “immersive retail experience” that breaks away from traditional across-the-counter service in its first-ever Next Generation Retail Concept boutique.
The new store, which opened in January, offers digital features, including a “discovery wall” and interactive “discovery bars” at the centre of the boutique.
“While the discovery wall features stories on the origin of Forevermark diamonds and the positive impact they make to conserve, protect and restore the natural world, the two interactive discovery bars encourage conversations, create energy and provide a focal point for our in-store ambassadors to offer inspiration, expertise and guidance to customers,” explained Liu.
The company official said the key to tapping into this vibrant and dynamic market of China is being innovative, adding that Forevermark is always looking to modernise as a brand and to evolve its retail concept to appeal to today’s consumers.
As the diamond jewellery business in China could be worth US$100 billion in the next decade, the industry must recognise new patterns in young consumers’ demand, driven by modern expressions of love and self-purchasing, Liu noted. In response, companies must develop relevant products, brands, and online and offline retail experiences to seize this opportunity, she added.