4 Stats That Show How Millennials Are Buying Engagement Rings

Millennials have confounded the diamond market, and are swiftly changing the wedding industry with their new takes on traditions…but what are they really looking for when buying engagement rings? We have four stats that tell the story…

At the end of last year, we gave readers a good look at how Millennials feel about engagement rings—because the generation is sending the diamond market into a tizzy. Their shifting definition of luxury and status symbols, environmental and social concerns, and budgets have caused some real disruption. When Millennials were called out as a threat to the diamond industry, and The Economist tweeted their story on the subject with the caption, “Why aren’t millennials buying diamonds?”—igniting a swift response from the internet on why the generation isn’t purchasing the “sparkly status symbols.”

In a recent Ypulse monthly survey of 1000 13-34-year-olds, we delved even deeper into the topic, and found out exactly what young consumers are planning for their engagement rings. Of course, the non-traditional came up. One 30-year-old female told us, “For my engagement ring, I want a tattoo. No ring.” But overall, Millennials who are open to marriage—77% of 18-34-year-olds—are likely to shop for some jewelry to symbolize the milestone. In fact, only 2% of Millennials open to marriage told us that they would not have or give an engagement ring. That means there’s plenty of opportunity for the jewelry market—if they know what this generation of ring shoppers is looking for. Here are four stats we uncovered that show how they’re buying their engagement bling: 

Almost three in five Millennials would want a diamond as the main stone in their/their partner’s engagement ring.

Ok! So the majority of Millennials still do want diamonds. Though it may not be quite as…

 
 

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The Newsfeed

“I move around every few years so it would be a huge hassle to have to buy and sell property so frequently.”—Female, 28, IN

Gen Z will spend the most on rent of any generation, but Millennials aren’t far behind. HotPads estimates that 2-20-year-olds will spend $226,000 on rent before they buy a home and 24-38-year-olds will ring in at $202,000. Despite the difference, Gen Z will own their first home one year earlier than Millennials because they’ll have “a stronger job market than [M]illennials”—but, despite the myths, they are buying homes in greater numbers. PS: Los Angeles tops the list of where young demos will spend the most on rent. (Business Insider)

What’s behind board games' popularity today? The NPD Group found that board games grew 8% compared to the toy industry’s overall growth of 8% in the past year and has “no signs of slowing down.” Digital detoxing plays a part, as more Millennial parents worry about their kids’ screen time and seek toys that foster face-to-face relationships. But despite the analog appeal, games are also getting high-tech and the word-of-mouth media they receive propels social media-friendly games like Pie Face to the top of toy charts. (Kidscreen)

Parents still have the most influence over kids today, but online celebrities are also top role models. Mintel research found that 86% of 6-17-year-olds say their parents are among their top role models, 62% say teachers, and 41% say siblings. But the top kind of celebrity that gets added to the category are social media celebrities at 35%, followed closely by musicians and athletes. Only 22% said actors were among their top role models and just 16% said the President. (MediaPost)

Disney has a new beverage to fill your Instagram feed: The Purple Wall Slushie. The Millennial & Gen Z-loved company has had no problem coming up with social media-friendly items, from Baby Groot bread to a viral Beauty and the Beast-inspired tumbler, and now they’ve rolled out a boba and taro beverage at Disney World. The Purple Wall is a famous destination to snap a pic for social media in the Magic Kingdom, and this slushy is made specifically to match up with the wall (and monetize on it). (POPSUGARInsider)

Speaking of Instagrammability, the Space Needle’s new, clear benches are sure to make for a thrilling photo op. The iconic viewing deck for the Seattle skyline has been in the midst of a makeover to create a better (and decidedly more social media-worthy) viewing experience. A metal base and caging has been replaced with a high glass wall from floor to sky, and so-called “skyrisers” will let visitors sit right on the edge of it all—and snap a selfie. (Curbed)

“People have been planning outfits since the start of the year [for prom].”—Male, 15, NC

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