SINGLE LADIES AND SELF ADORNMENT

In the 1953 film, Gentlemen Prefer Blondes Marilyn Monroe portrayed showgirl Lorelei Lee (and gal pal Dorothy Shaw) who on the way to Paris is flattered by a cruise ship overflowing with wealthy admirers. In one of the most iconic movie scenes ever filmed Lorelei Lee, “Diamond’s are a Girl’s Best Friend.” Calling out the world’s most famous jewelers. In 2019 Ariana Grande, gave us a new anthem, “ I want it, I got it …Wearing a ring, but ain't gon' be no "Mrs,” in her chart-topping song, 7 Rings. Gone are the days when fine jewelry primarily symbolized love bestowed upon women by others. Today, it serves as a personal trophy, a reward for personal triumphs and milestones. It took until the ’60s for women to be able to have their own bank accounts, and until 1974 to no longer require a father’s or husband’s permission to open a credit card. , The SPINSTER reported that 20% of all home purchases were by single women.

The jewelry industry is witnessing a shift in consumer behavior, particularly among millennial women. Recent surveys conducted by MVI Marketing shed light on the preferences and purchasing habits of this demographic, revealing intriguing insights that could reshape the landscape of the jewelry market.

51% of millennial women are reported to buy their own jewelry, aligning with the trend of self-celebration.

Tiffany & Co. emerges as the undisputed leader among luxury jewelry brands, with 35% of millennial women expressing a penchant for its products. Other notable brands like Pandora, Swarovski, and Gucci also capture significant attention, signifying the diverse tastes within the single women consumer segment. Jewelry line Mejuri has found that their female customers are no longer waiting for a special occasion (or a man) for jewelry. Single women are defying the outdated narrative that they must wait for the gift.

These single ladies are buying what they want, when they want it. Notably, 75% of purchases [at Mejuri] are made by women, for themselves and for each other. More data indicates millennial women’s focus on with lab-grown diamonds with more than two-thirds of self-purchasing self purchasing singles are familiar with these sustainable gems, indicating a growing interest in ethical and environmentally conscious choices. Notably, 37% express a desire to see lab-grown diamonds in person, and 15% are open to the idea of making a purchase. The Silver Promotion Service (SPS) reveals that female self-purchase is a thriving opportunity for the silver jewelry market too. Annual surveys consistently report that the 20-40 age group leads in silver purchases, with 63% favoring this versatile metal. Designers appreciate silver for its ability to offer a broad range of designs at various price points, making it an ideal choice for the budget-conscious and style-savvy consumer.

“I want it, I got it”- ARIANA GRANDE, 7 RINGS

The jewelry industry has astutely embraced this cultural shift, redirecting its marketing efforts towards women themselves. Contemporary labels like Mejuri and Messika, along with stalwarts like Tiffany's, are directly targeting women on platforms like Instagram, recognizing the power of the female consumer.

Data from fashion platform Lyst showcases the rise of female purchasing power, especially among the 35-55 age group with stable careers, has established women as the most prominent demographic in the jewelry market. 51% of millennial women are reported to buy their own jewelry, aligning with the trend of self-celebration.

Single millennial women, a significant force in the market, are not just buying; they're also sharing their experiences. An American Express study notes that 84% of millennials share their opinions and experiences, presenting a significant opportunity for jewelry retailers. Moreover, a staggering 91% of surveyed women indicate that they thoroughly research a brand before making a jewelry purchase, highlighting the importance of brand reputation and customer reviews.

The landscape of women's jewelry preferences is undergoing a profound transformation. With women embracing self-purchase as a celebration of personal success, the industry has an opportunity to foster lasting connections by aligning with this shift. From the rising popularity of silver to the influence of millennial shopping trends, understanding and catering to these evolving preferences will be key for jewelry retailers looking to thrive in this empowered era of elegance.

More than half of millennial women buy jewelry for themselves, citing various motivations. Whether it's about getting exactly what they want, rewarding personal milestones, or commemorating special memories, self-purchasing is a trend fueled by empowerment and self-expression. White metals dominate as the preferred choice, with 35% favoring white gold. Rose gold and yellow gold also have their places, reflecting a diversity of tastes. When it comes to design, diamond jewelry takes the lead, followed by gemstone pieces and platinum with diamonds.

91% of surveyed women indicate that they research a brand before making a purchase. This underscores the importance of brand reputation, customer reviews, and overall brand image in influencing buying decisions.

The data paints a dynamic picture of millennial women as a key demographic driving the jewelry market. With a focus on self-purchasing, an openness to sustainable alternatives like lab-grown diamonds, and a keen eye for brand reputation, luxury brands have a unique opportunity to establish lasting connections with this influential consumer segment. As these trends continue to evolve, the jewelry industry must adapt to cater to the changing preferences and values of this discerning and self purchasing demographic.