It’s a Nice Day for a Budget Wedding

Last week we took a look at how Millennials are approaching the wedding years—and how they could change the traditions of the big white celebration. Our infographic revealed that 60% say planning a wedding is too much work, and 45% say weddings today aren’t as important as they used to be. The rise of the big-budget wedding over the last few decades has made wedding planning, and major nuptial splurging a well-publicized part of Millennials formative years, and it looks like they might not be buying into the hype when it comes to planning their big day. 62% agree that weddings have become too big73% say they would rather have a small inexpensive wedding than a big expensive wedding, and a whopping 83% say that weddings today have become too expensive. It’s no wonder: In 2012, the average cost of a wedding rose to over $28,000—a hefty amount for a generation suffering from student debt and low employment, especially when 46% of them say that the couple paying for the wedding themselves is in style. The recession has made this group at least temporarily, if not permanently, budget-conscious. Though weddings won’t stop being big business anytime soon, a growing segment of young future brides and grooms are looking to more wallet-friendly options for their celebrations, and smart tuned-in brands are starting to respond. Here are some of the affordable wedding options that Millennials are beginning to tap into, from engagement to reception. 

THE RING

Fast Company  has called the traditional three-months’ salary engagement ring “a prehistoric idea“ for Millennials, who put more emphasis on having luxury experiences than owning luxury goods. Qualitatively, we see that more Millennials are turning towards vintage rings to cut costs. Another developing trend is the understated engagement…

 
 

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Millennial News Feed

Quote of the Day: “Bojack Horseman was my favorite show last year because it was funny and real. Maybe too real, just beautiful.”–Male, 23, AZ

Binge drinking in college is common, and suggested reasons for the behaviors range from boredom to helicopter parenting—but it’s also possible they’re drinking to extremes to escape extreme stress. Today’s college students can have an “intense preoccupation with success” thanks to the competition it takes to get into schools, fear of the tough job market, and looming loan debt. In this context, “blacking out has become so normal that even if you don’t personally do it, you understand why others do. It’s a mutually recognized method of stress relief. To treat it as anything else would be judgmental." (NYTimes)

Once again, Millennials’ food preferences are “killing” a major product. Young consumers’ preoccupation with health have caused a yogurt problem for General Mills, where sales in the category have nosedived 15%. The downturn is likely due to the new perspective that sugar, not fat, is the real diet evil, a shift that has caused low-fat and low-cal foods to “fall out of vogue.”(As we predicted.) In more positive, related, news for the brand, organic and natural products have seen “immense growth.” (MediaPostMSN)

More teens are on YouTube than on the biggest social networks, according to research from the National Cyber Security Alliance and Microsoft. Their poll of 13-17-year-old internet users found that 91% say they use YouTube, compared to 66% who use Snapchat, 65% who use Instagram, and 61% who use Facebook. Their heavy use of the site is one of the reasons that YouTube creators have more influence over their purchase intent than traditional TV and movie celebs. Interestingly, the second most-used platform was actually Gmail, with 75% of teens reporting they use the email app. (eMarketer)

Millennials have been called out as a threat to the diamond industry, causing Twitter to offer their own blunt explanationsfor why the generation isn’t buying the “sparkly status symbols.” But hold up: De Beer’s annual report has declared, “Millennials spent nearly $26 billion on diamond jewelry [in 2015]…acquiring more than any other generation.” So why is everyone saying they aren’t buying diamonds when they reportedly purchased 45% of retail sales in four major markets? It might be another case of a narrative about the generation being more click-worthy than the reality. (Forbes)

This month, the Generation Beauty event brought together Instagram beauty influencers, beauty brands, and their loyal teen fans for a weekend of meet-and-greets and product samples. Young consumers are undoubtedly looking to their favorite digital personalities for product recommendations, and say it’s best “when they give their honest opinion,” trusting those posts more than those where copy is read directly off a package—“a dead giveaway that it’s sponsored.” Collaborations between brands and social influencers are reportedly especially popular with fans. (Racked)

Quote of the Day: “Jane the Virgin was my favorite show to watch last year because it was dramatic, yet relatable and hilarious. I also love the fact that it features many women actors and actors of color.” –Female, 17, Guam

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