Abstract When millennials frequently appeared in various reports, when the “post-80s†and “post-90s†began to become the mainstay of social change, a new consumer group was on the stage of history. ...
When millennials frequently appeared in various reports, when the "post-80s" and "post-90s" began to become the mainstay of social change, a new consumer group was on the stage of history. 
Whether young jewellery entrepreneurs have emerged on the industry stage, or millennials have dominated the consumer market, young people have become an inexhaustible motive force for the forward development of the jewelry industry. In the face of new consumer groups, where is the future jewelry market?
Millennials: a new generation of consumption and production
At present, the adjustment and development of China's economic structure, a series of small but important changes are working together to create a vibrant "new economy" driven by technology, the Internet and about 415 million "millennials" of consumer choice. Behind the rise of this new economy is the series of taste changes of the 415 million millennials.
The so-called "millennials" refers to people born between 1980 and the end of the last century. They are often proficient in technology, environmentally friendly, and health conscious. The millennial generation in China is a generation that has been deeply influenced by the Internet and is the "indigenous people" of the Chinese Internet. When the millennial consumer groups gradually grow into a new generation of consumer power, unlike their parents' passion for gold diamond jewelry, they are more inclined to buy luxury goods that reflect individuality and differentiation. Millennials pay more attention to the value of goods. More attention is paid to sustainable and economical production methods, especially for the purchase of distinctive goods than the purchase of mass-produced jewelry products.
Objectively speaking, "post-80s" and "post-90s" are not only the new generation of consumer power, but also the new generation of production. They want to contribute more to stimulating consumption and also to contribute more to providing more consumption power. Most young people regard the most fashionable and up-to-date products as their pursuit goals, and at the same time they work hard to increase their income in order to get the material life they want. It is such a group that grows and changes. Change, the emergence of subversive consumption concepts and consumption patterns.
New retail: online and offline complementarity
According to Alipay's big data, China's millennials use one-third of their income for non-food shopping and outings. On the one hand, this kind of data is the enthusiasm for the leisure and entertainment activities, and the general attitude of focusing on the life experience is also reflected in the shopping method.
It is understood that the need to obtain a physical experience is the primary reason why consumers do not spend more non-food consumption online. Therefore, a jewelry store that enables new generations of consumers to experience the product and satisfy the cultural, social and other composite experiences is still an indispensable place for consumption.
Therefore, although they are the mainstay of online shopping, the physical retail model of gold jewelry can bring more experience and social elements, so the physical store is not going to die as some analysts imagine, but the retailer should pay more attention to the experience. For the millennial generation of consumers to provide leisure, social shopping.
New product: wisdom, personalization
Chinese traditional jewelers such as Hong Kong Chow Tai Fook and Shanghai Lao Feng Xiang are following the trend and making corresponding changes in the design and marketing of jewelry. Zheng Zhigang, managing director of Chow Tai Fook, said in an interview with other media: "We need to quickly enter the millennial consumer group to provide more practical and fashionable items such as gold-encrusted diamonds. The group will launch a new product by the end of 2017. Line, and has signed new spokespersons, including Lee Min Ho and Quan Zhilong from South Korea, who have a very high popularity in China's millennial generation.
Lao Fengxiang is also committed to launching more product choices for millennials. Wang Fengsheng, the chief spokesperson of Lao Fengxiang, said that millennials do not pursue super expensive jewellery. They pursue fashion, wear clothes that are not heavy every day, and hope to have matching jewellery. Companies need to provide personalized, unique products, but not too expensive, because they will buy a lot, not just one.
Yang Baoling, managing director of Hong Kong Luk Fook Jewellery, once said that the young middle class is the target customer base of Luk Fook Jewellery. Luk Fook Jewellery will be equipped with manicurists and private drivers in some stores to win more female customers.
Pandora is the best example. In the era of the decline in the performance of major jewellery brands, Pandora is a unique show. The key factor for Pandora's rapid rise is that its products can be freely DIY to cater to the current young people's preferences.
New positioning: value orientation from one-way output to two-way interaction
Nowadays, consumer awareness of the brand is no longer a “brand push†but a “customer pullâ€. This kind of discovery is actually the real process of creating credibility. In the past, brands themselves said what a brand is like, and it is very efficient to deliver the information they want to express. Today, brands are a combination of other people's claims. This brand value orientation has shifted from one-way output to two-way interaction, which is especially important in the jewelry industry.
The way millennials choose brands, especially in luxury brands such as jewellery, is “Is this brand also bought by my friend? Does this brand reflect my taste?†When analyzing the psychology of young Chinese customers, some of the upstarts Still hope to bring affirmation of identity and social status through big-name luxury goods, but it is not difficult to see that more and more Chinese consumers, especially those with higher education or overseas life experience, have their artistic aesthetic cultivation and The broad vision allows them to have higher quality and individualized needs for luxury goods such as jewellery.
In the increasingly younger luxury market, big-name jewelers have not continued to carry a deadly old-fashioned image. We have seen big-name luxury brands like Tiffany and Cartier making changes for more millennials. Even repositioning. Hermes also launched a fashion brand. This is precisely because some "difficult" millennials do not seem to buy big-name luxury goods accounts, they refuse popular goods, pay more attention to the expression of self-personality, and the novelty brand name and time of the luxury brand The brand positioning is more suitable for them. The novel design and unique material application, as well as the younger brand image, make the millennial customers more enamored. On the other hand, the scarcity of niche luxury brands in the Chinese market will also provide these designers with a more dynamic development environment.
New channel: sharing economy entertainment
From Airbnb in accommodation, Uber in travel, to Taskrabbit in skill sharing, today there are countless areas of innovation and entrepreneurship in the world that come from the core idea of ​​the sharing economy: emphasizing the right to use, diluting ownership, and using it more valuable than possessing.
And many studies have shown that this group of millennials is not as strong as owning homes, cars or other large items. They are born close to the sharing economy and like to rent or borrow items. With the growing popularity of “Drip Tripsâ€, the “shared economy†has also been repeatedly mentioned as a high-frequency vocabulary in all walks of life.
In the era when traditional consumption methods are gradually being overturned by new consumption concepts, the new model of "shared economy" concept of "jewelry monthly test wear" is based on the mature development of the Internet, opening up the information channel between supply and demand, and more important. The use of credit card real-name authentication mechanism to provide consumers with jewellery monthly low-cost try-on service, to solve the conflict between women's high-end jewelry consumption due to high price and fashion change, so that every woman can afford a zero-burden experience To the luxury senses brought by jewelry. And such a shared economic model, there are many aspects of the jewelry industry can be tapped.
Especially with the wide application of artificial intelligence and big data, intelligent jewelry has become a new concern for the new generation of consumers. In the process of brand building, emerging film and television implants, entertainment propaganda, celebrity endorsements, etc. Marketing promotion can really improve brand awareness, but the premise is that positioning must be clear.
Embrace the millennial generation to embrace the future of the industry
It can be said that mobile payment has changed the means of consumption, and credit consumption has changed the concept of consumption. The combination of the two brings about the promotion of Internet technology and the profound interpretation of the development of consumption-driven economy. Under the new economic normal, consumption has become a trend.
From the interpretation of the future behavior patterns of Chinese consumers, we can see the future consumption trends, and the jewelry industry can also find more business opportunities and more new economic growth points. Therefore, reading young people, learning young people, and using innovative spirits can better grasp the direction of the future development of the jewelry industry.
Faced with the strong impact of millennials on traditional consumption concepts, the jewelry industry and enterprises should adapt to such needs and changes, adapt to changes in consumer attitudes and consumption patterns, and provide convenience for millennials in terms of products, channels, and consumption environments. Guarantee, in order to better promote the development of itself and the industry.
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