21 Jul 2019
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The Changing Face of the Female Consumer
Demand from women represents more than 90 per cent of all diamond jewellery sales around the world. This means their opinions and interests are of paramount importance to any business in the diamond sector says De Beers in its Diamond Insight Report. Here are a few key excerpts.
By: Diamond World News Service
Oct 13 2017 5:54PM
Reference: 15703  

As symbols of longevity, eternity and strength, diamonds have been inextricably linked to love for decades. It’s therefore no surprise that more than half of all women’s diamond jewellery acquisitions are related to bridal occasions or given as gifts of love.

While this will remain the primary motivation for diamond jewellery purchases, it is clear that women’s roles in the workplace and in society are changing. As a result, their views on what it means to be feminine are adjusting and transforming, opening up new opportunities for diamond jewellery acquisition.

We looked in depth at three trends that demonstrate the changing ways in which women are participating in society. We considered how these are affecting their behaviour as consumers of diamond jewellery, both globally and in the world’s four leading diamond consumer nations (the US, China, Japan and India). And we explored how emerging female consumer trends interact with longstanding traditions and beliefs to create further growth potential

The number of working women has been on the rise for many years. In most member countries of the Organisation for Economic Co-operation and Development (OECD), the proportion of women aged 25 to 54 in the workforce continues to increase. In 1980, this figure stood at 54 per cent. By 2010, it had risen to 71 per cent, albeit with significant differences in the rate of growth between countries.

Today, in the US, 69 per cent of Millennial women aged 18 to 33 are in the labour force, compared with 78 per cent of men in the same age group. This is a significant shift from the Baby Boomer generation: in 1963, the participation of men aged 18 to 33 stood at 88 per cent, and women of the same age group at 41 per cent.

These trends are bringing about rapid changes in the relative earning power of the genders. Research indicates that 24 per cent of women in the US and 25 per cent in China are already earning more than their spouses. And it forecasts that more than half of all US households will have a woman as a major income-provider by 2025.

The narrowing gap in labour force participation between men and women is also leading to a corresponding decline in the difference between their earnings. Women’s earnings growth is one direct result of the 21st century’s significant increase in female participation in tertiary education. The percentage of women across the world aged 25 to 64 who have completed higher education rose from 21 per cent in 2000 to 38 per cent in 2015.

And it’s not only the earning power of women that is changing as a result of increased participation in tertiary education. Their role within the home is also evolving as their responsibilities as providers for their families increase. This is a role they welcome: research from the global marketing communications company J. Walter Thompson shows that 72 per cent of women globally say that they’re proud to be a good provider.

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