Shopper attitudes in the direction of merchandise are altering as youthful generations worth ethics and sustainability assurances, based on new analysis printed by De Beers Group’s newest Diamond Perception ‘Flash’ Report.
The report discovered that whereas customers aged 50 and above cited high quality elements as being their most essential concerns referring to provenance of luxurious items, the 18 to 34 age cohort over-indexed on elements corresponding to human rights and environmental affect.
The analysis additionally discovered that buyers who valued details about a product’s provenance had been ready to pay a premium for this assurance, with prosperous customers being the more than likely to pay a premium.
The research additionally discovered that whereas important well being and security objects corresponding to meals, vehicles and skincare ranked most extremely as classes for which customers had been involved about provenance, 34% mentioned they ‘care lots’ about luxurious items.
Bruce Cleaver, CEO, De Beers Group, mentioned: “It’s clear from this analysis that whereas provenance stays of excessive significance to luxurious customers, the which means related to provenance is shifting. Youthful generations need assurance of the constructive affect a product has created past merely figuring out the place it originated.
“That is creating a brand new standing in luxurious, the place customers wish to present the world they care by way of their luxurious purchases and are more and more ready to pay a premium to take action.”