14 STATE OF THE MAJORS 2026 If Gen Z, as well as other consumers, think the world is falling to pieces, why are they still spending? The ominous-sounding phenomenon known as “doom spending” might explain some of it. “For younger consumers … we see this mentality of, ‘This is terrible. The world is aflame. But I am going to continue to spend or, actually, I’m going to spend because of that,’” Bliss said. A significant number of Gen Z consumers “feel like they really don’t have a reason to save for the future, so they might as well just spend and make their lives good now.” Henne Jewelers’ Inge says, “I do kind of fall into that doom-and- gloom pessimism. I think a lot of it is influenced by what you see on social media, the constant updates.” She’s also found herself doom spending. “Whether I’m scrolling or it’s something in real life, I [like] a little retail pick-me-up.” Cassidy Boyle, Henne Jewelers’ sales support and social media spe- cialist, says she limits her exposure to social media outside of work to combat those feelings of hopelessness that spur spontaneous spending. “I try not to look so much on social media and not be affected by what everyone else is feeling. I try to be very careful with what I consume.” Boyle, who is saving up for her wedding, worries her peers have a problem with overconsumption. While a lot of Gen Z shoppers aren’t jewelry customers yet, she thinks they’re likely spending lots of money elsewhere in search of what they perceive to be a better value. the short stick in terms of growing up with financial instability. The reasons have fluctuated, but that feeling of not knowing if next year is going to be financially stable has been their constant.” Alex Bellman, chief operating officer at Bellman’s Jewelers in New England, shared his insights into younger cus- tomers and the considerations they make when buying jewelry. “I haven’t seen a downtick in price point, but they want more for their dollar,” he says. “Ten to 12 years ago, my average customer who bought an engagement ring was spending between $5,000 to $10,000. That’s still the same today. They just want a [lab-grown diamond] because their dollars are worth so much less now.” Though the price of natural diamonds has come down, he says his customers saw how little they were getting for their dollar with natural versus lab grown, and they aren’t concerned with how little their lab-grown diamond could be worth in the future. He says his customers tell Bellman’s sales associates, “I don’t want to upgrade 10 years down the road because I can barely afford my house. So, I want the ring I want now.” Jayden Inge, customer concierge and bridal assistant at Henne Jewelers in Pittsburgh, said a lot of young couples shopping for engage- ment rings understandably have less to spend than the store’s well-established, older customers. “They definitely are more budget conscious, like with lab-grown diamonds,” she says. “Getting a big look for less is something they lean towards.” Bliss, the YPulse executive, said Gen Z consumers’ early life experiences have “completely changed” their defini- tion of luxury. While previous generations wouldn’t have classified brands such as Nike and Victoria’s Secret as “luxury,” for Gen Z shoppers, who gravitate toward big-box stores, thrift stores, and dollar stores, these brands’ higher-priced goods count as luxurious. “That’s not going to change drastically [just] because they’re aging up unless the economy drastically chang- es, which they don’t see happening,” Bliss said. “For Gen Z, it’s really that their mentality around brands, around luxury, around products, around retail, is being conceptualized during complete instability.” THE STATE OF DIAMONDS JEWELRY DESIGN COLORED STONES Shoppers browse the showcases at Bellman’s Jewelers’ Boston location. Younger shoppers gravitate toward lab-grown diamonds to get more for their money, says COO Alex Bellman. “Doom spending” and “little treat culture” are signs of the times. 3 From doom spending to little treats, more shoppers are turning to retail therapy for a boost. RETAIL
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