29 Boomer Brands Struggling In The Time Of Millennials

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Tiffany & Co.

Source: https://dynl.mktgcdn.com/

The luxury jewelry and specialty retailer is on an extended sales slump and faces an uphill battle as it tries to appeal to the younger millennials with priorities different from prior generations who coveted its diamond and sterling silver jewelry. The younger generation simply refuses to settle down early and has less interest in fine jewelry. They are not buying the company’s signature rings, bracelets, and accessories, and are instead investing in affordable trendy jewelry made using sustainable raw materials sold by modern brands, such as Edge of Ember, Katie Mullally, and Maria Black. The company’s stock has been down by 20% since younger couples aren’t getting married, and even if they do, they avoid splurging on diamond engagement rings. Hoping to attract the younger demographic, make the brand more current, and increase sales, Tiffany & Co. formed a partnership with Lady Gaga and ran new ads that featured young celebrities, including Elle Fanning and Zoë Kravitz.