By Vaishali Banerjee
Gen Z is emerging to be the most important consumer cohort for marketers across the world. In India alone, we witness a staggering 116 million of these dynamic consumers, who represent 20% of the Gen Z population worldwide. What sets Gen Z apart is not just their large size but their unique approach to life, their values and their purchase behaviour.
This generation has been raised in a digital era where smartphones are not just gadgets but extensions of their social life. In fact, in India, GenZ comprise of 44% contribution to overall smartphone sales. This digital immersion is ubiquitous in all aspects of their lives and has also transformed how Gen Z interacts with brands. Social media, particularly Instagram, serves as their virtual hub, with 87% of their time spent on Meta’s renowned platform alone. It’s not just a medium of socialising; it’s a gateway to discovering trends and making informed choices.
For GenZ, influencers are the modern royalty, who are reshaping how luxury is consumed, and making it increasingly accessible and relatable. Through engaging, short-form content and innovative tools such as live streaming and AR experiences, luxury brands are now offering immersive journeys. They enable virtually trials of jewellery or a live chat with a designer —
experiences that blend exclusivity with excitement.
Nevertheless, it’s crucial to note that luxury in the eyes of Gen Z isn’t all about flaunt value; it embodies authenticity, meaningful experiences and self-expression. This generation is the one that values authenticity and self-growth and expression above all else. They gravitate towards brands that share these values in a fashion that’s personal and relatable to them.
Jewellery brands, recognising this paradigm shift, have embraced Gen Z’s quest for self-expression and authenticity, turning precious jewellery into symbols and markers of personal narratives. We have seen this extensively with platinum jewellery. Platinum pieces are contemporary and unique, and in our product development and communication, we always keep our customers’ motivations at the forefront. As a result, our designs are a reflection of their self-image. Their inherent propensity is to want what reflects their value system, platinum feeds and fuels this. We have noticed that 26% of under-29-year-olds buy precious jewellery for self-expression, making the market ripe for luxury brands that understand and embrace Gen Z’s evolving and distinct values.
In this landscape of modern marketing, the key lies in authenticity, adaptability, agility, and accessibility. Brands that can navigate these preferences seamlessly will not just tap into Gen Z’s world but will forge lasting connections and create memorable experiences. It’s a narrative of understanding, evolution, and the timeless pursuit of luxury crafted with meaning and accessibility at the centre of it.
The author is MD, PGI India