JEWELRY INDUSTRY TRENDS HERE TO STAY POST COVID-19
The manner in which this pandemic is impacting global businesses, people and shaping our mindscapes is quite stunning. All this in a matter of a few months. I will leave out the topics of online platforms, digital & social media strategies, webinars that have all been widely discussed and are of importance. What I want to share instead are my views on emerging cultural and consumer trends that will impact our business going forward.
1. Post-pandemic Consumer Behaviour
The Covid-19 crisis has taught us the value of things, of what is necessary versus discretionary. In lockdown mode, people made use of what they already had or was essentially needed. Will that mean moving away from over-consumption to meaningful consumption? Possibly. If you notice closely this was an emerging trend, now fuelled further by the Covid-19 crisis. What does it mean for the global jewelry industry which relies on discretionary spending? One of the answers I feel is to look at how we can narrate jewelry with purpose driven, meaningful consumption and one that responds to consumer's overall mental, physical and financial wellbeing.
2. Nature & Sustainability
Our jewelry industry is closely linked to nature's bounty - metals, diamonds and gemstones. I believe this crisis is sending a strong signal to humanity. To prevent future climate catastrophe and spread of deadly diseases, we have to step up and refocus our energy in nurturing nature and in our sustainability efforts. For consumers the climate issue is going to resurface once the Covid-19 crisis starts becoming manageable. Can we as an industry urge action through meaningful engagement? One of the most effective ways to tackle climate change is through purpose-led actions coming from design thinking. People deeply care about climate and connection to the natural world. I am one of them. I bike and haven't owned a car in decades. I reuse, recycle and avoid waste. I am also conscious of companies I buy from. What we wear is a big part of our personal identity, and that's what jewelry does so well, it lets us show who we are to the world.
3. Value, Meaning and Purpose
Now, more than ever we need a connection to who we are, what we love and how we show it. Jewelry is about our personal identity, celebration and dreams. Consumers will return to jewelry, but with a changed perspective. They will return and look for jewelry with meaning, purpose, positivity, joy and deep personal connection to who they are and what they value. This must reflect in our jewelry designs. It must reflect how wearing jewelry makes us feel.
