56 JEWELS & TIME 2019/20
Millennials will make up half of
the world’s luxury consumers in
a few years’ time. We quiz three
young watch and jewellery buff s
on the factors that will aff ect their
decision to purchase
YOUTH
RISING
Text Terence Lim Photography Darren Gabriel Leow
Art direction Matilda Au Fashion direction Desmond Lim
By defi nition, millennials are the demographic cohort
born between the early 1980s and the late 1990s. This means,
currently, a large proportion of them are approaching or
already at the peak of their careers. Most of them boast
strong spending power, and are willing to splurge on luxury
goods, as many global studies have shown. According to a
2018 report by Swiss bank UBS, millennials contributed to 85
per cent growth in the luxury sector across key markets such
as China, Europe and the US. The same survey also predicted
that they will represent 45 per cent of high-end spending
by 2025.
So, what about luxury appeals to these young consumers?
Information is easily available today and with many of
them well-travelled and
well-educated, millennials
understand the luxury
market well. This is
particularly pertinent to the
watch and jewellery sectors
with the many comparative
resources and discussion
forums online.
But one factor that ranks
high on the priority list of
luxury millennial spenders
is quality and craftsmanship.
In fact, they place emphasis on quality over brand equity and
trend, according to a 2017 Deloitte study conducted among
millennial respondents from four regions (US, UK, Italy and
China) with propensity towards luxury items. Nearly 40
per cent of them rank quality as the most important aspect
that attracts them to a luxury product—double that of
uniqueness, the next most attractive factor of luxury.
The emphasis on quality among young luxury consumers
is not just prevalent in certain markets. It is a global
phenomenon. Our young watch and jewellery connoisseurs,
particularly among the Singapore Tatler readers, think so too.
Savoir faire showcased by the maisons is just as important as,
if not more than, the aesthetics of watches and jewellery.
The young trio—Carmen Ow, Derrick Yeo and Sonia
Ong— in this feature have been faithfully following the
evolution of the industry for some time. Decked out in
the latest watches and jewellery, they share with us their
experience, thoughts and current obsession.