Consumer attitudes towards products are changing as younger generations value ethics and sustainability assurances, according to new research published by De Beers Group’s latest Diamond Insight ‘Flash’ Report.
The report found that while consumers aged 50 and above cited quality factors as being their most important considerations relating to provenance of luxury goods, the 18 to 34 age cohort over-indexed on factors such as human rights and environmental impact.
The research also found that consumers who valued information about a product’s provenance were prepared to pay a premium for this assurance, with affluent consumers being the most likely to pay a premium.
The study also found that while essential health and safety items such as food, cars and skincare ranked most highly as categories for which consumers were concerned about provenance, 34% said they ‘care a lot’ about luxury goods.
Bruce Cleaver, CEO, De Beers Group, said: “It’s clear from this research that while provenance remains of high importance to luxury consumers, the meaning associated with provenance is shifting. Younger generations want assurance of the positive impact a product has created beyond simply knowing where it originated.
“This is creating a new status in luxury, where consumers want to show the world they care through their luxury purchases and are increasingly prepared to pay a premium to do so.”