By Dan Scott
Millennials and pirates have a lot in common. Typically, both are adventurous, dislike the elite—and deeply desire gold. Edahn Golan, an acclaimed jewellery industry analyst, notes millennials are spending more on jewellery than any other age group of late. Their metal of choice? You guessed it: gold. While pirates live on in legends, millennials are writing a modern-day golden story.
Millennials account for 27 per cent of the global population. Worldwide, they number 2 billion, with 9.6 million of them residing in Canada. Accenture reports another 80 million reside in the United States, spending approximately US$600 billion each year. By 2020, Accenture projects that number to spike to US$1.4 trillion in retail sales. (For more, visit www.accenture.com/us-en/insight-outlook-who-are-millennial-shoppers-what-do-they-really-want-retail.) In fall of 2016, the Bain Luxury Goods Worldwide Market Study projected millennials will account for 40 per cent of the global personal luxury goods market by 2025. The study also reports 70 per cent of luxury purchases are influenced by online interactions, meaning at least one form of online interaction with the brand or product has taken place before the purchase is made. (To read the study, see www.bain.com/about/press/press-releases/press-release-2017-global-fall-luxury-market-study.aspx.)