Millennial Women Looking For Authenticity, Says DPA Survey
A study by the Diamond Producers Association (DPA) finds that Millennial women are looking for ‘the real deal,’ with nearly 9 in 10 (89 percent) looking for authenticity when buying luxury items such as diamonds.
"Despite living in a world of fast-fashion and unlimited choices, they crave the opposite," the DPA said in a statement. "This sentiment is apparent in the 'buy less, buy better' mentality prevalent today."
After polling nearly 1,000 millennial women, the survey, which was commissioned to understand the relationship between women and luxury goods, uncovers findings that speak to a preference. "Not only are millennials expressing a preference for authenticity in luxury goods, the survey also found they prefer fewer and finer items – with 94 percent of the highest earning millennials expressing a preference for one more expensive item that is genuine, over lots of cheaper ones.
“Millennial consumers in particular are defining luxury beyond price,” said Deborah Marquardt, Chief Marketing Officer of the Diamond Producers Association. “When evaluating luxury purchases, they seek items that are genuine, unique and not mass-produced, and have inherent meaning and value. This preference speaks directly to the diamond promise - in an increasingly artificial world diamonds remain authentic, rare and precious.”
Among other survey findings regarding what modern women want when it comes to luxury goods, such as diamonds, were:
- Long term value – emotionally and financially. 75 percent of millennial women see diamond jewelry as an investment in themselves and 82 percent see diamond jewelry as a long-term investment; among the highest earning millennials ($150,000+) these numbers jump to 94 percent and 91 percent, respectively. These stats help explain why millennial self-purchase of diamonds continues to grow, with a recent De Beers report showing self-purchase by U.S. millennials accounted for 31 percent of all non-bridal diamond sales in 2015, compared with 25 percent in 2013.
- Pride in the legitimacy of goods purchased. Nearly 9 in 10 (89 percent) millennial women look for authenticity when purchasing diamonds and luxury items, and this desire for authenticity is even greater among high-earning millennials, with 85 percent saying they would be embarrassed knowing that they own a knock-off, especially for luxury items.
- Expression of self-confidence. Luxury goods offer modern women a way to visually express their self-confidence – with 2 in 3 (66 percent) millennial women saying they feel more confident in themselves when wearing diamond jewelry.
The survey was conducted online by KRC Research from July 10 to July 14 among 995 millennial women between the ages of 18-34 in the U.S on behalf of “Real is a Diamond".