Sep 13, 2019

CIBJO’s Pre-Congress Marketing & Education Special Report Focuses on Gen Z Consumers

The first of the CIBJO commissions' Special Reports, which will form the basis for discussions at its forthcoming 2019 Congress, focuses on what has been defined as the next great jewellery-consuming group, Generation Z, providing a breakdown of what the industry needs to consider if it is to ensure that jewellery remains a favoured purchase for this segment.

The report has been prepared by the CIBJO Marketing & Education Commission, headed by Jonathan Kendall.

Generation Z refers to young consumers, who currently are 15 to 25 years of age.

Kendall writes that Gen Z will be entering the markets very soon, if they have not already done so, and says that they are forecast to spend a whopping US$ 143 billion in 2019 alone. “So, we better get them on our side if we want to enjoy a rosy future,” he states, adding, “In fact, the future success of the jewellery industry will depend on our understanding the needs and wants of Generation Z. Get this right and we can all look forward to strong profitable years moving forward. Get it wrong and we could be destined for the scrap heap – not overnight maybe, but ultimately.”

Among the specific characteristics of the Gen Z, Kendalll notes that they:

  • Communicate predominantly via the social media
  • Are more environmentally conscious and gender neutral than any preceding generation
  • Celebrate authenticity, diversity and human imperfection
  • Are more likely to heed the advice of a friend, rather than a celebrity.

“Gen Z is prepared to splurge but it must be worth it. The more added value the better, and that can come from its environmental credentials or its social value,” Kendall notes.

The complete report is available on the CIBJO website. The 2019 CIBJO Congress will take place in Manama in the Kingdom of Bahrain, November 18-20, with pre-congress meetings on November 16 and 17.