Gen Z Redefines Jewellery Market with Minimalist Designs and Silver Preference
Deloitte research shows Gen Z and Millennials are transforming jewellery markets through preference for minimalist designs (49% favor lightweight pieces), dual-purpose buying (56% see jewellery as both investment and accessory), and metal diversification with 51% of Gen Z preferring silver over gold. Despite generational shifts, gold maintains 96% preference across all age groups, with consumers adapting to price increases through weight reduction and budget adjustments.
*this image is generated using AI for illustrative purposes only.
The jewellery industry is experiencing a fundamental transformation as Millennials and Gen Z consumers reshape traditional purchasing patterns and design preferences, according to a comprehensive Deloitte report. This generational shift is moving away from ornate, gold-heavy pieces traditionally stored in family collections toward contemporary, minimalist designs that align with modern lifestyle choices.
Design Preferences Shift Toward Minimalism
The report reveals a clear preference for lightweight, minimalist jewellery among younger consumers. Key findings show:
| Preference Category | Percentage | Details |
|---|---|---|
| Minimalist Designs | 49% | Prefer rings, chains, and earrings |
| Traditional Heavy Sets | Lower preference | Declining among Gen Z |
| Daily/Office Wear (Millennials) | 32% | Prioritize everyday functionality |
| Birthday/Anniversary Purchases | 38% | Millennial buying occasions |
This shift represents a departure from centuries-old designs toward pieces that complement compact, modern living spaces and contemporary aesthetics.
Investment Versus Accessory Dual Purpose
Modern consumers refuse to choose between investment value and aesthetic appeal. The research indicates that 56% of consumers view jewellery purchases as serving both investment and accessory purposes, while 28% still consider it purely as an investment vehicle. This dual-purpose approach positions jewellery alongside market-linked products such as mutual funds, systematic investment plans, and stocks for wealth creation strategies.
Gen Z consumers are also diversifying their purchasing occasions beyond traditional milestones like marriages. They actively shop for "everyday celebrations" including:
- Professional promotions
- Academic graduations
- Baby showers
- Casual social gatherings like brunches
Silver Emerges as Gen Z's Preferred Metal
The report identifies a significant shift in metal preferences among younger consumers:
| Metal Preference | Gen Z Percentage | Key Attributes |
|---|---|---|
| Silver | 51% | Design-forward, affordable, everyday wear |
| Platinum | 34% | Growing traction among Gen Z |
| Gold (Investment) | 45% consider silver better | More affordable investment option |
Silver's popularity stems from its design versatility, affordability for repeat purchases, and suitability for gifting and self-purchase occasions. The metal has gained favor not only in consumer preferences but has also outperformed gold in commodities markets.
Gold Maintains Overall Market Dominance
Despite changing preferences among younger demographics, gold retains its position as the dominant precious metal across all age groups. The report shows 96% of respondents across all generations still prefer buying gold jewellery compared to other metals.
Facing rising gold prices, consumers have developed adaptive strategies rather than abandoning the yellow metal:
- Reducing jewellery weight while maintaining purity levels
- Increasing allocated budgets for gold purchases
- Exchanging old gold pieces for new designs
- Switching to lower karat gold options
These adaptations demonstrate gold's enduring appeal while acknowledging economic realities and changing lifestyle preferences among contemporary consumers.
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