[Special Geneva Watch Week 2023] Gen Z & the fine jewelry industry: the new target 
The Watches & Wonders exhibition returns this year from March 27 to April 2 in Geneva and Luxus+, partner of the event, is keeping you waiting with a special series in advance of the event… Reports, encounters, favorites, practical information and gift ideas are to be discovered now while waiting to meet you in Geneva for the preview launch of our special watchmaking issue!
Tiffany & Co. recently appealed to the younger generation by featuring the iconic couple Jay-Z and Beyoncé in its latest campaign. For the House of Fine Jewelry, it’s about expanding its target audience via the generation Z through artists and celebrities who speak to them.
Is Generation Z really a consumer of fine jewelry? 91% of this age group believes that companies should only make a profit if they have a positive impact on society. Today it is interesting to know if this generation consumes fine jewelry.
How can brands integrate the Gen Z’s thoughts and aspirations into the transition of their Houses?
The report of young French consumers to online luxury shows a growing expectation in terms of purchasing and payment flexibility. Split or staggered payments, virtual fitting, video presentations, etc.
Conducted among a thousand luxury consumers by Dynata, the survey concerns luxury or premium items sold at more than 500 euros for fashion, 300 euros for beauty, and 1,000 euros for jewelry and decoration. And all within the data of Klarna, which specializes in fractional payments. Within this perimeter, 45% of the observed luxury buyers would have purchased a luxury product (including premium) in 2021. And the share rises to 63% among Millennials and Gen Z, against 45% for Gen X and 25% for Baby Boomers. Fashion is the second most popular product (41%), behind watches/jewellery (51%) and beauty (32%).
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Featured photo : © extract from the Audemars Piguet video
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