Millennials—those born between 1981 and 1996—are now the largest generation in the United States, and they are making their mark on the engagement ring industry. As more millennials enter the marriage market, they are bringing fresh ideas and spending habits to the experience of buying an engagement ring.
The average millennial spends less on an engagement ring than their parents or grandparents did. Generally, millennials are looking for a ring that is both beautiful and affordable. According to the Knot’s 2017 Jewelry and Engagement Study, millennials spend an average of $3,400 on an engagement ring. This is much lower than the average for other generations, which was around $4,000.
Millennials are also more likely to shop for their engagement rings online. They tend to be more comfortable with technology than their older counterparts, and they are more likely to research and compare prices before making a purchase. Furthermore, millennials are more likely to buy diamonds from alternative sources, such as lab-created diamonds or vintage gems.
Finally, millennials are more likely to be budget-conscious when shopping for an engagement ring. They tend to prioritize quality over quantity, and they are more likely to look for a ring that is both beautiful and affordable.
In conclusion, millennials are changing the way engagement rings are purchased. They are more likely to shop online, they are more likely to buy diamonds from alternative sources, and they are more likely to prioritize quality over quantity. As a result, the average millennial spends less on an engagement ring than previous generations.
Frequently Asked Questions
FAQ 1: What is the average cost of an engagement ring for a millennial?
Answer: The average cost of an engagement ring for a millennial is estimated to be around $3,400.
FAQ 2: What is the most popular style of engagement ring for millennials?
Answer: The most popular style of engagement ring for millennials is a solitaire diamond with a simple band.
FAQ 3: What is the average size of a diamond for an engagement ring for a millennial?
Answer: The average size of a diamond for an engagement ring for a millennial is 0.50 to 0.75 carats.
FAQ 4: What is the most popular metal for an engagement ring for a millennial?
Answer: The most popular metal for an engagement ring for a millennial is white gold.
FAQ 5: How much do millennials typically spend on an engagement ring?
Answer: Millennials typically spend between $2,000 and $4,000 on an engagement ring.