Recommendations Development for Improving the Communication Strategy of the Jewelry Brand N, Based on the Preferences of the Millennial Generation

This paper is devoted to the development of empirically based recommendations for improving the communication strategy of the jewelry brand N, based on the preferences of millenials in relation to jewelry brands. Currently, there is a rapid development of communication channels and the evolution of communication strategies, modern brands tend to change approaches to communication with the consumer. Evidence of this is the focus on the digital interaction environment, the development of online brand communities, and the changing tools and tone of communication. The purpose of this research is to identify the preferences of the young segment in relation to jewelry brands in order to develop practical recommendations for improving the communication strategy of the jewelry brand N. The author applies a mixed qualitative-quantitative research method, consisting of two successive stages: a series of semi-structured in-depth interviews and an online survey. Data analysis was performed using content analysis and statistical analysis using IBM SPSS Statistics 22.0. As a result of the analysis, the main variables that influence consumer behavior and shape the preferences of millenial consumers regarding jewelry brands are highlighted. The hypotheses put forward in the course of the study found statistical confirmation. Frequency analysis, descriptive statistics analysis, factor analysis and cluster analysis allowed identifying five groups of preference factors and seven clusters-segments of potential and real consumers of jewelry brand N and further confirming the need to improve the brand’s communication strategy in relation to millenials. Based on the results of the study, a number of practical recommendations were formed in the context of the eight main aspects of the communication strategy. The work presents 33 tables, 19 figures, 8 applications. The study used 93 sources of literature.