Without a recession to blame, experts are looking into factors that could potentially cause a steady decline in luxury jewellery purchases.
Previously an industry with fairly consistent sales: fine jewellery has always had a significant market demand. From major holidays to birthdays, gold and diamonds tend to be relatively foolproof gifts: and that’s without even taking into consideration wedding bands and engagement rings.
Standford lecturer Nir Eyal is one of many to connect the dots between technological advancements and jewellery sale declines. Eyal believes that in a culture newly obsessed with the next best thing, millenials are gravitating towards purchases that have upgrade plans, so to speak. But these patterns aren’t purely dictated by trends: there is evidence to support that there is a general shift towards function over fashion: while jewellery is inherently beautiful, it can’t perform the thousands of functions that a mobile device can.
With more research surrounding this topic, we’ll be checking back for conclusive studies. Stay tuned!