Times are changing. Instead of waiting to receive gifts, one in four women said they intended to purchase a piece of fine jewelry in the run-up to the holidays. Men, too, were positioned to purchase luxury watches rather than receive them over the holiday season.
Contributing to female customers’ rise in jewelry spending is a narrowing gender pay gap, as well as changing consumer sentiment. Brands like Bucherer and Tiffany and Co. are targeting this demographic during the festive season through fashion campaigns that celebrate successful women and their individual style instead of luring men into purchasing high-end trinkets for their partners.
Amongst these spenders, affluent millennials lead the pack, accounting for 70% of self-gifters. Millennials are seeking to purchase exclusives and one-of-a-kind experiences as gifts, and markedly taking inspiration from Instagram content.
In recent years, Instagram has emerged as the key platform for luxury brands to reach and engage millennial consumers.
Circulated content has influenced this demographic’s shopping habits, with 80% of female customers visiting fashion brands on the platform. A single product post can drive massive sales for brands and e-tailers like Net-A-Porter. Millennial consumers grew to account for more than half of site traffic for brands tracked in Gartner L2’s Digital IQ Index: Fashion Global, highlighting the need for luxury brands to target this increasingly important cohort.