- How is luxury consumption evolving?
- By what is the luxury market affected?
- What does that mean for my diamond investment?
The rise of online shopping and the influence of millennials on today’s diamond market is undeniable. Consumerism is evolving spectacularly throughout the market, particularly for luxury goods. Which behaviours have the biggest impact? What does this evolution mean for my diamond investment?
How is luxury consumption evolving?
The biggest influence on the market in general has been the introduction of tech-savvy millennials. Not only has their online shopping behaviour link Why buy diamonds online in today’s market (Week 23) changed the nature of modern consumption, so have their different values. Traditionally, luxurious purchases were equated to a wealthy and luxurious lifestyle. Quality and scarcity were all the rage and being able to show off exclusive and expensive products was reason enough to make the purchase. Millennials, however, value experience and personality above all else, while also strongly taking into account the future.
These values translate into a shifting emphasis on the luxury market, from larger than life statement pieces, such as highly exclusive sportscars, to highly sustainable and emotionally valuable pieces, such as diamonds.