Vicenza: Arguably the most substantial reconsideration in recent decades of the way in which diamond jewellery should promoted and sold was the focus of a seminar held September 4, 2016, the second day of the VICENZAORO September trade fair in Vicenza, Italy. Entitled “The Challenge of Marketing to Millennials: The Next Great Consumer Generation,” the event was co-organized by CIBJO and Fiera di Vicenza.
Born between 1980 and 2000, the Millennials represent one of the largest generations in history, and its members are about to move into their prime spending years. The unique experiences of Millennial consumers will change the ways the jewellery industry promotes and sells, and the manner in which it communicates with its customers. This will require companies to examine how they do business.
As the most heterogeneous generation ever in terms background and ethnicity, the Millennials grew up in digital society, where online and mobile skills were not learned but simply acquired. This changed the way they perceive the world, and how they interact among themselves and with others.
“When we market our products to Millennials, we no longer are able to get the exclusive attention of our clients,” said CIBJO President Gaetano Cavalieri, welcoming the crowd of participants that filled the room.” They have easy access to large amounts of information. They are more inclined to do research before buying, and they consult with their friends before making a decision.”
Importantly, when it comes to purchasing decisions, Millennial consumers are considerably more likely to consider issues such as product integrity, sustainability and social responsibility. Studies show that they are nearly twice as likely to purchase from a brand because of its social and or environmental impact.
“Already today, Millennials represent more than $2.45 trillion in spending power, and it is a number that will grow substantially,” said Corrado Facco, Managing Director of Fiera di Vicenza, who also serves as President of CIBJO’s Trade Show Commission, during his welcome to seminar participants. “According to a research carried out by Cone Communications, up to 70 percent of them will spend more on brands that support causes they care about.”
At VicenzaOro September, CIBJO and Fiera di Vicenza convened what almost certainly was one the most expert panels ever gathered to consider the topic. It included:
- Ella Goldner, a Global Strategy Director at IPG Mediabrands in London, which is part of an advertising and marketing network that includes McCann World Group, Lowe and Partners and FCB. She specializes in marketing to Millennials, developing campaigns that meet their requirements, and delivering and reinforcing their content using new media tools.
- Jean-Marc Lieberherr, the CEO of the Diamond Producers Association, which has taken upon itself the task of reintroducing category or generic marketing for the diamond jewellery sector. He earlier served as Managing Director of Rio Tinto Diamonds, and before joining the diamond industry worked in international sales and marketing positions with LVMH and Unilever.
- Costantino Papadimitriou, who is responsible for global communication strategy and campaigns, as well as brand innovation, at De Beers’ Forevermark, which is far and away has the largest advertising budget in the diamond jewellery sector. He leads Forevermark’s London-based communication team as well as its Milan based Design and Innovation Centre. Previously he worked for J. Walter Thompson for 27 years.
- Roberto Coin, President, owner and visionary of the Roberto Coin Group and brand, which is sold in more than 1,000 outlets in 62 countries. Acutely aware of the growing sentiment among consumers for issues related to CSR and sustainability, in 2013 he was awarded an Andrea Palladio International Jewellery Award for Best Corporate Social Responsibility Brand.
The moderator of the seminar was Steven Benson, CIBJO’s Director of Communications.