De Beers Insight Report: Key Takeaways
In its recurring Diamond Insight Report, De Beers Group released new results from ongoing consumer and retail research, especially focusing on the effect of the pandemic.
According to the report summary, consumers across the globe, after an initial shock of lockdowns and uncertainty in the first half of year, settled in a "new normal", regaining stability, routine and confidence.
In addition, the researchers found that consumers (in the US), are more likely (45%) to spend money on fewer, but more meaningful (56%) gifts with lasting value (90%). Diamond jewellery, De Beers says, fits that profile, and benefits from available cash that can't be spend on other things, such as travel.
More affluent consumers across the globe indicated in the research they expect to buy diamond jewellery this holiday season for a significant other, or for themselves.
Consumers are eager to return to stores, after browsing online, and if they feel comfortable with safety measures.
Trends, according to the report, point to trusted styles, classics (with a twist), with millennial and Gen-Z consumers looking for brands that incorporate transparency, authenticity and purpose in their strategies.
The report, which can be downloaded here, further elaborates, through guest contributions by consulting firms and experts on how retailers can prepare to (re-)engage with consumers (online and in their stores), consumer-oriented innovations to watch and how brands should adapt to "proactive and belief-driven consumers" (a conciousness accelerated by the pandemic) who value true activism, sustainability and "betterment".