Over the last few years retailers have focused increasingly on the millennial population aged between 25 and 40 whose buying behaviour differs from their elders. Our 2019 research, carried out by Hall & Partners, found that around one-third of 18-24 year olds had bought gold jewellery in the 12 months prior to the survey; this percentage increased to 44% for 25-34 year olds.
Although 18-24 year olds believed that gold would hold its value in the long term, this was not enough to convince them of its desirability. In particular, young women in urban India had a much weaker emotional connection to gold jewellery than their elders. Shifts in the buying behaviour and preference of millennials is instigating changes in the jewellery industry.
Metals Focus’ interactions with various retailers over the last few years have revealed a strong demand for lightweight jewellery, especially in the daily wear segment. For example, today one can easily buy a chain or mangalsutra in a weight of 5-8g, which would have been impossible five years ago.
Furthermore, young consumers are looking at modern designs that can be paired with Western clothing. An increasing number of manufacturers and designers are becoming mindful of these needs and are creating product lines specifically for this audience. One case in point is Mia, an independent jewellery brand floated by Tanishq, which focuses on lightweight, modern jewellery for the young woman. Another important change is the growth of diamond jewellery in the more traditional pockets of Southern India.