Established firms are using what appears to be a three-prong strategy: educate millennial consumers about jewelry; diversify to offer products to catch their eye; and use digital communication tactics, according to the Wall Street Journal.
Luxury firm Astley Clarke wants to school millennials on what constitutes value. “They will see the value in an £800 handbag, but not £700 earrings, even though the investment value of the latter is more,” adds Mr. Thomson.
“It is about changing that and educating the younger customer,” explains CEO Scott Thomson.
Firms are also starting to use technology to snag sales. Chaumet, another high-end jewelry brand recently partnered with site mylittleparis to launch an app, “You, me, Paris,” for visitors to the city, focused primarily on young couples getting married. The app points out little known hotspots in the French capital.
Likewise, jewelry brand De Grisogono has developed “a chatbot, a Facebook -enabled concierge service for St. Moritz, that allows for a different interaction with our audience,” says Gianluca Maina, the firm’s global marketing director.
If all else fails, firms are even willing to tug at millennials’ heart strings by aligning themselves with causes the young generation cares about. While showing at London Fashion week Astley Clarke pledged to donate 10 percent of profits from its Astronomy collection to the World Land Trust. “‘Sex sells’ is not the case anymore. It is about moral standing,” says Jones. [WSJ]