Global consumer markets such as China, India and the US are steadily recovering from the Covid-19 pandemic, with luxury shoppers showing greater optimism and improved consumer sentiment across all categories, especially precious platinum jewellery, the Platinum Guild International (PGI) has revealed.

There is growing demand for precious jewellery in key markets, particularly among Millennials and Generation Z (Gen Z) consumers, according to the latest consumer survey commissioned by the PGI during the third quarter of this year.

The survey, which involved interviews with about 2 000 consumers, shows that the majority of consumers across China, India and the US displayed a stronger willingness to spend on precious jewellery during the third quarter, compared with the previous quarter.

In the third quarter, 78% of Chinese, 68% of Indian and 63% of US consumers said they plan to maintain their current spending or increase spending levels in this category, compared with 72%, 60% and 60% respectively in the second quarter.

With respect to the materials for different kinds of precious jewellery a consumer would like to buy or receive, an increased preference for platinum was observed in some product categories among young women in China, Japan and the US.

For example, for engagement rings and wedding bands, Japanese women aged between 18 and 30 who are interested in this category showed an increased preference for platinum at 90% and 75% respectively, compared with less than 70% in the previous three quarters.

Chinese women in the same age group also expressed an uptick in their preference for platinum wedding bands and engagement rings, compared with the last three quarters.

In the US, meanwhile, the preference for platinum engagement rings among women aged between 18 and 30, and 31 and 45, also rose to the highest levels compared with the previous three quarters, at 34% and 49% respectively.

Younger consumers, such as Millennials and Gen Z, will be the driving force in the precious jewellery market, the PGI found, noting that this is not only because they are the core consumers for bridal jewellery.

According to the survey, more consumers aged between 18 and 45 have plans to buy non-bridal precious jewellery in the next quarter and within the next year, either for themselves or as a gift.

“The third-quarter consumer survey shows a stronger willingness of consumers across three major markets to spend on precious jewellery, especially when pieces are associated with an emotional connection,” the PGI says.

It adds that Millennials and Gen Z consumers have also given more attention to platinum to express their value and celebrate special moments and cherished relationships.

“This creates an exciting opportunity for the jewellery industry to seize,” comments PGI global corporate marketing director Zhenzhen Liu.