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Posted on 10/11/2016 3:59:19 PM PDT by Lorianne
Over the past few days, the Diamond Producers Association launched its first new ad campaign in five years after watching retail sales of diamond jewelry slow down, as Millennials built on the habit pioneered by prior generations of delaying or not even thinking about marriage, and thus not being sufficiently enthusiastic about buying diamond engagement rings.
The campaign, according to Adweek, is designed to motivate Millennials “to commemorate their ‘real,’ honest relationships with diamonds, even if marriage isn’t part of the equation.”
Mother New York, the agency behind the campaign, spent months interviewing millennials, according to Quartz, and learned that they associated diamonds with a “fairytale love story that wasn’t relevant to them.” So the premium jewelry industry, seeing future profits at risk, needs to do something about that.
A year ago, it was Wall Street – specifically Goldman Sachs – that did a lot of hand-wringing about millennials. “They don’t trust the stock market,” Goldman Sachs determined in a survey. Only 18% thought that the stock market was “the best way to save for the future.”
It’s a big deal for Wall Street because millennials are now the largest US generation. There are 75 million of them. They’re supposed to be the future source of big bonuses. Wall Street needs to figure out how to get to their money.
>>Wall Street needs to figure out how to get to their money.
It already did. It keeps them from every having any!
> needs to figure out how to get to their money
They need to first be able to earn more than life costs.
The jobs they are getting barely pay the rent, if they can even get out of the basements.
Disposable income is at an all time low.
If the jobs issue is not turned around soon, wall street will be the least of our troubles. Career development is the key. Making sandwiches at Starbucks isn’t helping one’s career much.
Also, they will curse the boomers and we get-xers for the freedom we so casually threw away.
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The good news is that only 33% of millennials have credit cards. That is reflected in our family. Only one of our three have a card and thankfully pays it off every month. All college grads with no student loans.
We stressed being debt free.
When Beau proposed to me, he didn’t have a ring on hand knowing I don’t wear a lot of jewelry as a habit (I’m always gardening, landscaping, caring for animals or doing other farm chores), but also thinking we’d pick one out together if I wanted one.
I told him that I’d like to wear my Grandmother’s diamond engagement ring that I had inherited many years ago, and still had on hand. I had it cleaned and appraised and it’s worth much more than EITHER of us would’ve wanted to spend on a ‘new’ ring...and it didn’t cost him a dime.
So, he asked me to marry him all over again and said he would buy me a milk cow instead! Win/Win! :)
Awww
Great story. Congratulations!
Millennials are much poorer as a group at their age than boomers. College costs and a sh!t economy being the two biggest factors.
Thanks. He’s a keeper. A big, strong, handsome Norwegian manly-man with a lot of (paid for) land. ;)
A 20% import tariff would promote domestic industry and balance the budget.
Lucky you and lucky HIM!!!
So happy for you both, especially after the years of love drought you’ve gone through.
I was just being set up for bigger and better things. :)
You sure deserve it. Love the ring story, and the milk cow!
:::still grinning:::
It kind of hard to buy diamonds when your over a 100K in debt for a useless degree working part time flipping burgers and another part time janitorial gig. While having to pay rent, utilities and ObamaCare.
Of course, they've wised up, they know the best way to save is to bilk the taxpayers.
I love your story!
I’m more practicable minded too. I’d rather something useful than a diamond ring.
On the other hand, a diamond ring is small and easy to hide so it would be useful as an asset hedge. But for that to work there have to be other people who value diamond rings!
Exactly. Precious metals, guns, ammo, canned goods, warm socks, sturdy boots...and a milk cow, LOL!
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