A new generation of buyers, aptly known as Generation Z, is expected to influence new marketing strategies in the jewellery sector, a new report from The World Jewellery Confederation (CIBJO) said.
The Marketing & Education Special Report, which delved into the impact of Generation Z (post-millennials born after 1996) consumers on the jewellery market, was released prior to the opening of the 2018 CIBJO Congress in Bogotá, Colombia, on October 15.
Prepared by the CIBJO Marketing & Education Commission, headed by Jonathan Kendall, the report further revealed that Generation Z is expected to account for about 40 percent of all consumers by 2020.
“It is essential that the jewellery industry adopt marketing strategies and methods that are appropriate for successfully connecting with Generation Z,” noted Kendall. “Gone are the old media approaches of TV commercials, long-term PR plans and static messaging. Today it’s all about fast delivery of interactive messages.”
Studies indicate that members of Generation Z rely on the advice of their peers, who may be located in multiple locations, meaning that jewellers have to create products that have global appeal. They are also more conservative and risk averse than the generation of millennials that precede them, but at the same time are decidedly socially and environmentally conscious, continued Kendall.
Jewellery companies should also take advantage of social media platforms such as Snapchat, Twitter and Instagram to get their message across. This tactic includes uploading original or repurposed content such as jewellery photos or videos, posting personal stories of love, milestones and experiences and making use of celebrities or influencers to connect with buyers – all the while making sure that the messages are authentic and powerful.
“We need to show we care, because they very much care,” added Kendall. “We must be clear about what we stand for so that our businesses, brands and products are not interpreted as being uninvolved, or, even worse, opposed to the social causes that are important to Gen Z.”