The Millennial generation, also known as Generation Y, is quite possibly the most written-about generation in history, and perhaps the most divisive. Millennials have been characterized as entitled, selfish, and lazy on the one hand, and optimistic, entrepreneurial, and socially conscious on the other.
A few facts about the Millennial generation are almost universally accepted, however. One is that they face significant financial and economic instability. Many members of this generation graduated into the Great Recession, struggling to find jobs while saddled with huge amounts of student loan debt. Therefore, it’s not terribly surprising that so many Millennial couples are foregoing expensive diamond engagement rings in favor of more affordable alternatives, including moissanite.
Jewelry trade publication JCK Online recently outlined the many concessions couples have to make in order to get a diamond ring to fit their budget. For example, they often have to make do with a much smaller center stone or a less ornate setting than they had originally pictured. With moissanite, however, no compromises are necessary. At a fraction of the cost of a diamond, a moissanite center stone is affordable enough that couples have enough left in their budget to select the size and setting of their dreams.
Also, saving money on the ring can free up funds for other important expenditures, such as a down payment on a house or a spectacular honeymoon. Tori Okoye, a bride-to-be, Youtube personality, and Millennial, was able to move up both her engagement and her wedding by selecting a moissanite ring over a diamond. She was also able to get the exact size, shape, and setting she’d always wanted.
The JCK article also pointed out another common characteristic of Millennials: they prefer to spend money on experiences rather than material goods. By saving on that ring, marrying Millennials can afford that extra “wow factor” for their wedding ceremonies, or that honeymoon they’d always dreamed of.
Compared with past generations, Millennials are far more concerned about corporate transparency and social responsibility. Thus, moissanite’s ethical sourcing practices, USA-based manufacturing, and conflict-free status have a particular appeal to this group.
Read the full JCK article, Missing the Millennial Sale?