Diamond rings and jewellery 1
When Millennials researching diamond rings or jewelry, Millennial women are inspired by royalty, whilst also largely researching lab grown diamonds. When it comes to actual purchases, Millennials on average spend just over $3,000 on engagement diamond rings.
RESEARCHING DIAMOND RINGS OR JEWELRY
- When researching diamond rings, Millennial women are inspired by "the likes of Princess Diana and The Duchess of Cambridge with their beautiful Oval Blue Sapphires, but also Princess Eugenie and her coral-coloured Padparadscha Sapphire."
- Researching for rings expands Millennials' views on which types of diamonds they would be happy to buy or receive. Forbes reported that 66% of Millennials who are actively researching engagement rings stated they would consider a lab-grown diamond.
- Additionally, 23% of Millennials consider purchasing a ring with a lab-grown centre stone whilst researching for diamond rings.
- When researching companies that sell diamond rings or jewelry, Millennials are focusing on finding companies that "support social causes, responsible consumerism, and sustainability." The companies are expected to show they genuinely share these values.
- Research also includes looking for companies which offer a full range of services. This includes services from "inventory checking and setting up appointments, to purchasing and returns to be seamlessly available and interchangeable online and offline."
- Primary research will be focused on Facebook for older Millennials, and Snapchat and Instagram for younger Millennials. Additionally, Millennials turn to influencers for primary research as well.
BUYING DIAMOND RINGS OR JEWELRY
- The average Millennial couple spent a little over $3,000 on an engagement diamond ring, compared with an average couple spending about $2,800 in 2018.
- 58% of Millennial women in 2018 opted for independent designers or one-off pieces when it comes to their diamond rings.
- Millennials drive almost 60% of diamond jewelry demand in the US and almost 80% of all diamond jewelry demand in China.
- Millennials buy from brands that have built up a trust with them.
- This age group buy diamond jewelry for three primary reasons: romantic love and bridal diamonds, love gifting for non-bridal purposes, and diamond gifting from Millennials to family and friends.
- The three most popular ring type purchases when it comes to diamond rings in Millennials are: a ring dominated by one centre diamond that also contains smaller diamonds, a ring dominated by one centre diamond in a halo setting, and a ring with one diamond only that is also called a solitaire ring.