The jewelry retail industry in the U.S. is experiencing a major transformation, driven by shifting consumer demands and the influence of younger generations. From diamonds to bold gold pieces, retailers are adapting to the preferences of trendsetting Millennials and Gen Z buyers.
In 2023, North American jewelry sales hit $83 billion, led by major players like Signet (which owns brands like Zales, Kay Jewelers, Blue Nile, and JamesAllen.com). Meanwhile, independent jewelry retailers are thriving with unique styles and offerings that are in high demand.
What's Trending? The Jewelry Americans Love Right Now
From bold gold pieces to lab-grown diamonds, consumers are flocking to unique and customizable jewelry. Golden tennis bracelets, statement rings, and even playful nature-themed pieces featuring butterflies and bees are all the rage. Gold jewelry is making a strong comeback, and tennis necklaces are no longer just for special occasions—they're a must-have for every day.
Younger buyers, especially Millennials and Gen Z, are influencing the market like never before. "Tennis bracelets, asymmetrical earrings, mixed gemstones—these are hot trends right now," says Susan Eisen of Susan Eisen Fine Jewelry in Texas.
Lab-grown diamonds (LGD) are also soaring in popularity, especially with younger generations who are drawn to the affordability and sustainability of these stones. Lab-grown diamonds are making waves in engagement rings, as well as fashion-forward pieces like "Toi et Moi" rings.
Young Shoppers Are Changing the Game
Millennials and Gen Z are becoming the biggest buyers of jewelry, and brands are adapting. According to a survey by McKinsey, Gen Z and Millennials are the groups most likely to buy jewelry in 2024—outpacing older generations.
"Millennials are entering peak earning years, which means they're ready to spend more on jewelry," says Pam Danziger, founder of Unity Marketing. These young buyers are also turning to social media for inspiration, often influenced by images showcasing beautiful lab-grown diamond jewelry.
Retailers like Cornell's Jewelers in New York and Clarkson Jewelers in Missouri are noticing this shift—young buyers want unique designs, lab-grown diamonds, and even custom pieces that reflect their personality.
The Rise of Self-Purchasing Customers
Self-purchasing is a growing trend, with more women buying jewelry for themselves than ever before. In the past five years, sales from female self-purchasers have increased by 50%, says Heather Ingraham of The 1916 Company. Men, too, are increasingly buying luxury watches for themselves post-pandemic, seeing these items as symbols of success.
Jewelry is no longer just about weddings or special occasions—it’s about expressing individuality. The pandemic has driven customers to make emotionally motivated purchases, with jewelry becoming a symbol of love, hope, and new beginnings.
A Strong Future for U.S. Jewelry Retail
Sustainability, ethical sourcing, and building strong relationships with suppliers are key elements for U.S. jewelry retailers as they look to the future. "We only work with brands that maintain ethical standards, ensuring the quality and integrity of our products," says Courtney Cornell from Cornell's Jewelers.
Retailers are confident in the future of the industry and are excited to help customers celebrate life’s important moments with sparkling jewels. The vibrant U.S. jewelry retail landscape is thriving, evolving, and turning every challenge into an opportunity. The future has never looked brighter!