In previous surveys, we found that 4 out of 10 Millennials would sell their engagement ring to fund a major life purchase. Today’s survey takes a closer look at the sentimental and monetary relationships Millennials and Baby Boomers have for their engagement rings, what these generations cherish most and why Baby Boomers and Millennials sell engagement rings.
Millennials Vs Baby Boomers Attitudes Towards Engagement Rings:
- Baby Boomers Are More Likely To Sell A Family Heirloom Such As An Engagement Ring
- Millennials And Baby Boomers Feel The Same About Selling Jewelry Given By A Loved One
- Millennials Are More Likely To Upgrade Their Engagement Ring
- Engagement Rings Are More Important To Millennials Than Baby Boomers
- Millennials Are More Likely To Sell An Engagement Ring To Fund A Life Changing Decision
- Baby Boomers Are More Likely To Sell An Engagement Ring After Or During A Divorce
- Both Millennials And Baby Boomers Value Simplicity Over Luxury And Sentimentality
- Millennials Sell Engagement Rings Far More Than Baby Boomers
1. Baby Boomers Are More Likely To Sell A Family Heirloom Such As An Engagement Ring
By majority, Millennials and Baby Boomers state that they would not sell family heirlooms or items passed down to them. Interestingly 6.9% more Millennials than Baby Boomers say that they would never sell these valuables.
2. Millennials And Baby Boomers Feel The Same About Selling Jewelry Given By A Loved One
When asked about selling an engagement ring or graduation gift that was given directly to them, both generations had nearly identical answers. Interestingly, Millennials and Baby Boomers feel even more strongly about not selling jewelry that was directly gifted to them than they did about selling a family heirloom. This is potentially because these high value gifts given to them possess greater sentimental value than something passed down to them.
3. Millennials Are More Likely To Upgrade Their Engagement Ring
67.2% of Baby Boomers and 51.8% of Millennials indicate that they would not upgrade their engagement ring. It’s possible that more Baby Boomers would not want to upgrade their ring after having kept it for so much longer and grown attached the ring.
12.5% more Millennials than Baby Boomers express interest in upgrading their engagement ring given the right opportunity. This typically happens when they have gained greater financial stability, enabling them to upgrade to a more expensive engagement ring that better suits their tastes.
4. Engagement Rings Are More Important To Millennials Than Baby Boomers
It’s clear that for both generations housing is of the utmost importance. Millennials most value houses, higher education and travel. Meanwhile Baby Boomers value houses, cars and higher education.
Engagement rings place second to last for Millennials with only 9.3% of interest. Interestingly, engagement rings are the least important things for Baby Boomers at a mere 1.3%. This low number is surprising considering that 66.1% Baby Boomers previously stated that they would never sell their engagement ring.
5. Millennials Are More Likely To Sell An Engagement Ring To Fund A Life Changing Decision
While the majority of respondents from both age groups indicate that they would not sell their engagement ring in order to fund a life-changing purchase, 37.3% of Millennials are more receptive to the idea. 76.4% of Baby Boomers state that they would never sell their engagement ring to finance a substantial purchase, however, it is interesting to consider that only 1.3% of Baby Boomers chose their engagement ring as something of great importance in question 4.
6. Baby Boomers Are More Likely To Sell An Engagement Ring After Or During A Divorce
Unsurprisingly, most Millennials and Baby Boomers would sell their engagement ring during or after a divorce at 64.6% and 61.1% respectively. It’s well known that divorce is an extremely strenuous process and holding onto ones engagement ring can feel like a constant reminder of a failed relationship. Some people choose to sell the engagement ring in order to move on emotionally after divorce and use the funds they receive from selling the ring towards their new life.
So, how can Baby Boomers and Millennials alike sell their engagement rings quickly, safely and for the best price? myGemma is here to help. We are the leading online buyers of engagement rings as well as diamonds, designer jewelry and luxury watches. With our international presence and network of industry connections, we are able to provide you with a competitive offer for your engagement ring. Our expert gemologists can accurately evaluate your engagement ring in accordance to the second-hand engagement ring market. Complete our online form and get paid in as little as 24 hours. With no hidden fees or commissions deducted from your offer, the final price you hear is exactly how much you will be paid. Don’t just take our word for it, our service is backed by an A+ rating from the BBB and hundreds of positive customer reviews.
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7. Both Millennials And Baby Boomers Value Simplicity Over Luxury And Sentimentality
For Millennials and Baby Boomers simplicity driven personal tastes reign supreme. While certain individuals may believe that Millennials are substantially driven by extravagant tastes, this survey indicates that only 14% Millennials are luxury driven which is not far from the 10% of Baby Boomers who also prefer luxury. Andrew Brown, President of myGemma, explains that Millennials are “actually very smart about their purchases and dedicated to properly planning for the future.” Brown continued to explain that, “Millennials are informed, they know what things are worth and they value quality of life above all.”
8. Millennials Sell Engagement Rings Far More Than Baby Boomers
Between April 2016 and May 2017, 55% of engagement rings sold to myGemma were from Millennials. In comparison, only 14% of engagement rings sold to myGemma were from Baby Boomers. This striking difference in numbers shows that Millennials sell engagement rings fare more than older generations.