According to a recent report by L2, a New York-based digital education firm, Instagram’s powerful advertising capabilities can be leveraged by luxury brands. Over the past two years, Instagram has introduced advertising methods for companies to use, including carousel ads and videos, and it plans within the next year, Instagram also plans to expand its video program and increase its ecommerce capabilities, further contributing to the growth of the platform as it appeals to advertisers and users alike.
Ever wondered what a non-informed but socially engaged (Millennial) consumer finds out when he or she wants to know more about conflict free diamonds and ethical sourcing? Christina Nuñez, Editor for Global Citizen, describes her quest for information on conflict diamonds, resulting in four observations on what the industry is and isn't doing in regards to "ethically sourced diamonds". Her conclusion: the industry's efforts so far, including the Kimberley Process, are insufficient and do not allow her "to act as an ethical consumer".
De Beers aims to relaunch its iconic ‘A Diamond is Forever’ slogan in late September, as part of Forevermark’s U.S. holiday marketing campaign, but will it resonate with Millennials? Unlikely, because this isn't your Grandma's generation. De Beers will have a lot of work to do to succeed with the younger generation.
In his latest blog on Idex Online, Ken Gassman argues that in spite of numerous analysts that say Millennials are the prospects for the future, jewelers in the US should focus on high-income households. According to Gassman's research, Millennials might look good on paper, but their jewelry spending is the same as other generations of American consumers, and when engagement rings are pulled out of the equation - generally high-dollar but low-profit items - Millennials' jewelry spending is even below average.
Chinese demand for luxury goods is slowing, particularly in light of the government's anti-corruption crackdown putting the brakes on luxury gifting as a form of bribery, but that does not necessarily mean that the desire for (European) luxury goods is waning.
In an extensive analysis, JCK News Director Rob Bates argues the diamond industry needs to get better control of its supply chain, and sums up eight good reasons to do so. Firstly, Bates argues, issues regarding social responsibilty aren't a temporary phenomenon. If anything, social issues will become an even hotter topic in the future. Secondly, tomorrow's customers - the Millennials - are taking social issues seriously; ignoring them is not an option.
"As a generation, millennials are probably the most principled when it comes to their spending. They like luxury goods just as much as boomers but, unlike their forbearers, they care about where their goods come from. They want to know in what type of working conditions their clothes and shoes were made and how the workers were treated." So writes designer Jacqueline Stone, advising that jewelers need to take a cue from the emerging market of millennials that are very much concerned with social issues and the integrity behind the items they purchase.
“The buying power of this generation is larger than any other group out there. What are they looking for? Variety, customization, and differentiation in design. Where are they researching? Facebook, Pinterest, Instagram, Google. The millennial always needs to be connected. Sixty-five percent of millennials favor experiences over possessions. The independent jeweler has to understand: Millennials need a story. They need to be entertained. Why? A millennial needs shareable content. Are you giving them something to share?
From candy to smartphones, from clothes to coffee, marketing executives are falling over themselves to sell to young people born from 1980 to 2000. Although it is a coveted generation about 80 million strong in the United States which is bigger than any other demographic group, they have less wealth and more debt than other generations did at the same age, thanks to student loans and the ongoing effects of the deep recession of six years ago.
The Museum of Named Diamonds formally opened (online) on June 11 with a mission to bring together the stories and emotions that diamonds represent. "Every diamond has a story, which connects it on some level to a relationship," explained Krista Olson, Executive Director. "Grading labs record gemological data. The Museum records emotions, memories, and the excitement behind the diamonds themselves. We believe these elements are no less important than the 4 c's."
The firm, Gemvara, is launching two new businesses aimed specifically at millennial shoppers – people in their early 30s and younger.