Changing Times: A Multiple-Choice Quiz

Remember that old, iconic Bob Dylan tune, The Times They are a-Changin’?

I’ve been in the jewelry industry for decades, and can’t remember a time when there were so many political, global, social and economic uncertainties--some exceedingly enigmatic --facing the industry.

But wait, there’s more. No matter what ambiguities you encounter, or what you’ll do about them, it never seems to be the right “answer.” Today’s uncertainties always seem to be growing, changing and moving in the wrong speed or direction. They have become “moving targets.”

Makes you feel like you’re just howling at the moon sometimes.

The changing customer demographics is a case-in-point. The growing economic power of Generation Y, (a/k/a, Gen Y or the Millennials), 74 to 100 million consumers, born between 1978 and 2000, is expected to be a powerful economic force.

In case you didn’t know, the Gen Y’ers are forecast to purchase, directly or indirectly, $200 billion in goods or services a year, five times more than their parents did at their age. There are now more Gen Y’ers than Baby Boomers, and they will represent 50 percent of the total U.S. work force by 2017. Oh, did I mention, within the next five years, the biggest revenue source for any industry is forecast to come from the Gen Y consumer.

No matter what consumer authority you talk to, it is agreed that the Gen Y consumer is technologically sophisticated, considering that many of them probably used a computer before their first day of school. The computer became their “training wheels” so to speak. They are the “Internet generation.”

So it’s no surprise that the tech-savvy Millennials have earmarked a good part of that $200 billion for electronics. Consequently, iPads, iPhones, iPods, smartwatches and who knows what else have usurped much of their discretionary spending. Many retail authorities suggest the siphoning was at the expense of the basic jewelry store/chain.

In addition to the buying power of the millennials, here are 10 questions that test your knowledge of some of the other trends confronting jewelers today. If you know about them, start planning to minimize, or maximize, their effect on your store or operation. If you’re unfamiliar with some of these trends, you’ve got work to do.

Please answer the questions as best you can. The answers follow with a brief reference/explanation or are self-explanatory.  

Quiz (Choose either A, B or C)  
1.