According to a survey by WP Diamonds, at least…
Millennials are a strange generation, according to some (non-millennial) people. They seem to be addicted to their phones, live their lives on social media, and definitely don’t seem to be sensible with their money…. But that’s only true if you believe every nonsensical article on the internet about them, of course. In reality this generation is the first in history that is worse off than the generation immediately before them. They leave education with crippling debt and lacklustre career opportunities, so they can’t exactly afford the finer things in life like their parents did. One of those unaffordable little luxuries is a flashy engagement ring.
In fact, millennials are choosing entirely different types of engagement rings, if they’re choosing them at all. WP Diamonds conducted a survey about all things engagement rings among this core demographic, and found that 37% would sell their own engagement ring to fund a major life purchase such as a home or higher education. Just 23% of older generations said they would do the same.
When asked what is the most important thing to splash their cash on, survey recipients cited the following;
- A house – 62.7%
- Higher education – 58.8%
- Travel – 52.9%
- A car – 31.5%
- An engagement ring – 25.5%
This doesn’t mean millennials no longer care about the sanctity or ritual of marriage. If anything, it shows that they’re less materialistic than previous generations. They would rather spend money on things that would help them live a more stable, fulfilling life. Pretty pieces of jewellery don’t exactly do that, do they?
This isn’t just a hypothetical situation, either. According to the same survey, 55% of millennials really did sell diamonds or other sentimental jewellery to help plan their financial future. It seems a sustained quality of life is much more important than displays of wealth or love. And we can’t help but applaud that.
So basically, if you’re one of those so-called millennials, you’ll probably be much more inclined to part with your engagement ring if the need arises. And guess what? That’s not such a big deal, because there are many more important things in life.