If you were born between 1946 and 1964 you’re a Baby Boomer, according to the U.S. Census Bureau. Those who are part of that post–World War II baby explosion and are now between the ages of 38 and 56 constitute 30 percent of the current U.S. population and are the largest consumer demographic bloc.
“In 2002, the U.S. economy is the Boomers,” states Hershel M. Chicowitz, creator of Baby Boomer HeadQuarters, a website for and about Boomers at www.bbhq.com and in Tampa, Florida. “We represent the vast majority of the work force. There are 76 million of us; we are the economy. The huge growth in the economy in the 90s was due in no small part to us working up to our peak earning and spending years.”
Eclectic Choices
Retail jewelers of various sizes nationwide concur that Boomers are their core constituency, ranging from 40 to 60 percent of their business. For Boomers, jewelry across the board is popular. “It’s completely eclectic, from traditional, classic styling to unique, cutting edge looks. It’s very individualistic,” says B. Harton Wolf, fine jewelry buyer for the three-unit Schwarzchild operation in Richmond, Virginia.
Diamond jewelry remains a Boomer favorite in three-stone rings, line bracelets, solitaire earrings and pendants — especially symbolic ones like hearts and crosses. Platinum and white gold are the popular metals with this crowd. “I can’t give away yellow gold,” says Elizabeth Parker of Curt Parker Jewelers in St. Louis, Missouri. “Boomers have great yellow gold jewelry. Why duplicate? Get something new. Get something white!”
Gem-set jewelry, particularly in semiprecious colors, in addition to blue and fancy sapphires, is also strong, as are large, white Chinese freshwater, Tahitian black, South Sea golden and branded Akoya pearls. Moreover, upscale watches move well in this demographic.
In terms of styling and quality, Boomers are looking to create future heirlooms, notes Robert Mucklow of Mucklow Fine Jewelry in Peachtree City, Atlanta. “As we’re losing our parents, we tend to think closer to home in terms of the big picture, as to what we will leave behind and what it will say about us.”
Brand Consciousness
On average, Boomers are looking for more diminutive styling in pieces that can be worn every day, with a focus on better quality. So it’s not surprising that they look for brands that convey value. Among some of the most sought after are Mikimoto, David Yurman, Lagos, John Hardy, Scott Kay, Lazare Kaplan and Rolex.
“In the last few years, we have focused on Mikimoto, Rolex and Lazare, and they comprise at least half of my business today,” says Mark Moeller of R. F. Moeller Jewelers, with two stores in the St. Paul, Minneapolis, area. “People understand the value of buying a recognized name. It’s an assurance that they get what they pay for.”
But it’s not always the name as much as it is the look, says Susan Eisen of Susan Eisen Fine Jewelry in El Paso, Texas. “If we can’t get the brand we want, there are plenty of brands out there that offer similar looks that our customers will buy.” Boomers will accept generic jewelry with a brand look only if it is well made, notes Gary Gordon of Samuel Gordon, Jewelers in Oklahoma City, Oklahoma.
In general, Boomers look for jewelry to commemorate special occasions, says Steven Davolt, vice president of 68-unit Seattle-based Ben Bridge Jewelers. “Birthdays, anniversaries and other mile- stones are reasons to say I love you. You can connect much faster on an emotional level with a diamond heart necklace than a sweater from The Gap.”
Boomers are also bringing in jewelry from when they first married, as well as inherited pieces, to be upgraded and redesigned. Eisen says she sees a lot of customers who married when platinum wasn’t it, and now for a special anniversary they want their bridal jewelry restyled in platinum and often upgrade the diamonds in it. Moreover, there’s a trend among divorcees in this age group to bring in their engagement rings to be redesigned into right-hand rings, reports Barry Nicholls of Paradise Jewelry in Naples, Florida.
Jewelers expect a lot more business from Boomers in the next three to five years. “My friends are in that age group, have kids just getting out of college and are also inheriting money, so their discretionary income is going up,” says Moeller, who is opening a third store in October with this in mind.
Competition for jewelry today is a new kitchen, say jewelers, who note that a good part of their marketing is geared to Boomers.
Currently, however, Boomers are concerned about their retirement portfolios in the face of an erratic stock market and a soft economy.
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