Jewellery brands have spent the best part of a decade coming to terms with the Millennial consumer. Sons and daughters of the baby boomers generation, they were vastly different to what came before them, in terms of tastes and habits, and brands scrambled to adapt to new preferences in order to survive in the retail product landscape.
However Millennials are no longer the youngest generation in the consumer market, that specific honour now falls to a new age group, meet 'Generation Z'....
So, who are they?
Brands are aiming to hit the coveted 18-34 age group, that is the so-called sweet spot, which brands often think of as targeting Millennials.
Millennials used to be 18-34, but they have aged, and now the oldest Millennials are 38 years-old and the youngest are 23, so if brands are after the 18-34 year range, they are already targeting 'Gen Z' but they don't know it yet.
Although the exact start and end dates for 'Generation Z' vary, the most accepted version are from the years 1996 to 2010.
This means that the oldest 'Gen Z' are currently 22 years old and the vast majority sit between the ages 13-18.
There are obviously some similarities to Millennials in their excessive use of technology and expectations of 24-hour information at their fingertips, but some of the differences are that they are very hard working and financially independent, and they value financial stability as they witnessed their parents in the recession. In this regard, they resemble a much older generation.
Generation Z's are a significant purchase group, they have got significant funds and they are extremely influential on their parents spending as well - research has suggested that 20% of parental purchases were highly influenced from their 'Gen Z' kids.
Millennials have an attention span of just 12 seconds - further researched estimates put 'Generation Z' at around 8 seconds. This means that content will need to be more captivating to keep their attention and immediately draw them to the product or brand.
Celebrity endorsements do not have the same effect on the 'Generation Z' as they currently do with the older generation. They want to see real people, in real settings, compared to celebrities, and typically that will come across through social media influencers.