One of the (many) ways millennials and Gen Z differentiate themselves from their Baby Boomer and Gen X parents and grandparents is their love for all things pre-owned.
In fact, 53% of millennials and Gen Z report they’ll spend more money on secondhand apparel purchases in the next 5 years, and resale is forecast to make up 61% of the secondhand market by 2026.
This means that secondhand growth will be faster than the overall apparel market growth, hitting $77 billion by 2025.
Which begs the question: Do your millennial and Gen Z neighbors know that you have a treasure trove of previously worn treasures in your jewelry store?
There are so many opportunities to talk to younger buyers about resale jewelry. If you’re talking to a Gen Z buyer about halo settings and his eyes glaze over, it’s a perfect opportunity to pull out an old miners cut diamond and explain what a miners cut is and why it’s becoming more rare. Better yet, if that miners cut is sitting in a 1950s ballerina setting, surrounded by ruby baguettes, that may be exactly the engagement ring he’s looking for.
When you’re showing diamond shape options to a young couple, don’t stop with the cushions, rounds, and ovals. Take a pause, go grab that European cut diamond in an art deco setting, and share a bit of jewelry history.
You might find a regular website feature showcasing the estate jewelry in your store will generate more foot traffic than you ever thought possible - and that the people walking in on those feet are the young consumers you were worried may never show up.
Secondhand today should be a firsthand objective for any jewelry retailer. Seriously - if secondhand clothing tells a good story, secondhand jewelry tells a great one.