In a recent analysis titled “Lockdown-Free Gen Z Spent Nearly 4 Times More on Jewelry in 2021” on Edahn Golan Diamond Research & Data, diamond analyst Edahn Golan analyzes the latest available figures from the Bureau of Labor Statistics’ Consumer Expenditure Survey (CES), which show that “the age group with the largest increase in demand [for jewelry in 2021] was surprisingly under 25 years old.”
Gen Z consumers nearly quadrupled their spend on jewelry in 2021. In addition, Americans that identify as Asians, and those residing outside urban areas were the top spenders on jewelry in 2021. These three demographics, Golans says, drove jewelry demand across the US in 2021.
In 2021, US jewelry demand leaped to “historic levels,” with average household expenditure on self-purchased jewelry (as opposed to gifts) rising 44% to a record $647. Each adult spent on average $359.41 on jewelry in 2021.
According to the analysis, Gen Z consumers, the under 25-year-old age group, “burst out of lockdowns with a voracious appetite for life.” Jewelry demand among them leaped 270% year-over-year. However, Golan notes, one has to bear in mind that in 2020, the same age group had the lowest spend on jewelry – so it actually began 2021 with a low base.
In addition to age and race (Asians tripled their average expenditure on jewelry to $1,312 per household) in 2021, the top jewelry buyers by occupation also shows some interesting trends: While over the years, top spenders on jewelry were mostly “Managers and professionals” or the self-employed, in 2021 the top spenders were a rather mysterious group called “All others, including not reporting.”
This group more than tripled its jewelry purchases in 2021 to grab the top spot among spenders, while the group with one of the smallest expenditures on jewelry, “Operators, fabricators, and laborers” increased their spending the most – up 236%.
Golan then discusses jewelry demand by income, place of residence and consumption trends, and who spent the least on jewelry.
Read the full analysis here.
