Audrey Hepburn · Breakfast at Tiffany's · Jewelry · Luxury · Tiffany and Company · Tiffanys

Millennials and Tiffany and Company…The Big Debate

audrey hepburn

If you’ve been following sites like Business Insider and Bloomberg you’ve seen Tiffany and Company making headlines in the last week. First with the Costco win and now with their second quarter reporting.

Both are reporting, Tiffany and Company has shown a loss in the last 6 of 7 quarters. Up for hot debate over this decline are millennials. Outlets are reporting that they are  bargain shoppers and not willing to pay big money on jewelry and other luxury items.

Millennials, also known as Generation Y, are the demographic cohort following Generation X. There are no precise dates for when this cohort starts or ends, however many typically use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years. This means I fall in the “millennial” demographic. This is strange to me because a lot of what we read in the news about this generation doesn’t pertain to me. Many say they have no interest in getting married, buying a home, or owning a car. I am married (have been since I was 27), I own a house and a car. Obviously I live in Maine and not NYC so a car is kind of a necessity. However, I have always dreamed of owning my own home and being able to decorate it and grow a family so when I read millennials have no interest in this I think well that is BS.

For this second quarter Tiffany earnings were 92 cents a share which topped analysts’ average 86-cent projection.

According to Bloomberg, “The results reflect Tiffany’s strategy to win back customers, including younger shoppers, by renovating stores and offering new designs, such as the HardWear Collection promoted by Lady Gaga. This particular article also claims Tiffany and Company is making headway with millennials who seek fashion jewelry while forgoing the treasures of the Audrey Hepburn generation: wedding and engagement rings.

So here is what I have to say about this, I LOVE the HardWear Collection. I purchased a ring from it and my husband bought me a pair of earrings but I also still LOVE the timeless and iconic pieces of the Audrey Hepburn era. This might be because my diamond, wedding bands, and my husband’s band all came from here. I think there is room for more edgier and fashion forward pieces while still honoring the classy and elegant pieces Tiffany is known for. One of the MANY reasons I love this brand so much is because of the timeless pieces, most of the purchases I make today I will still be able to wear in another decade which isn’t true for some of the fashion forward pieces we see now.

So what gives? What is your take on this? Am I in the minority when it comes to millennials? After all I am a terrible bargain shopper, I prefer to save up and buy one expensive item as opposed to many less expensive items.

Also, how do you feel about the Tiffany Hardware Collection? Love it? Hate it? Please share.

Here are a few links:

Bloomberg Article

Business Insider Article

Shop Tiffany HardWear Collection

 

 

 

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6 thoughts on “Millennials and Tiffany and Company…The Big Debate

  1. I love all things Tiffany! However I’m normally drawn to the more delicate pieces. These, for me are a bit chunky. But the designs are very cool.

  2. I agree that the iconic designs have stood the test of time. Those are my go to pieces day in and day out. I am complimented on them so I know they a recognized for what they are. I see them on people of all ages when I am out and about, and on quite a few of the younger generation, which tells me they are still looking at Tiffany as a lux purchase . As for the new styles, like the hardware collection, I like it but would probably not buy it.
    Young millineals are opting for e rings and wedding rings, just not always diamonds. Gemstones like rubies, sapphires, (a personal favorite ) and emeralds, as well as lesser precious stones are getting more hype, and if I am honest, e rings back in the day were pearls or garnets. I think Tiffany should move foward with new designs, but not at the expense of the iconic designs.
    It saddens me when someone disses the Tiffany name, calling it a “has been” since it has always been, along with Cartier, a luxury purchase that , as I stated at the beginning, has stood the test of time and will continue to do so.

  3. I was born in 90′ and I consider myself a millennial. I have to admit many of my peers and friends aren’t married and. Likely won’t be until they hit their 30s, owning a home in Toronto is just so out of reach for most young people due to sky high realestate prices.

    I consider myself an old soul so the appeal of Tiffanys really resonates with me. I think tiffanys inability to lure in millenials lies more with the fact that most don’t wear fine Jewellery period. There is of course the Tiffany silver pieces however these are at a much greater premium then silver or crystal pieces that one could purchase at say Pandora or Swarovski. Also there isn’t a Tiffany in every city, we never had one in Toronto when I was growing up but now we have 3! While there is a Swarovski or Pandora at almost every city or airport.

    Regardless I’m a millennial and I love Tiffanys!

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