Headlines

For 14% of Millennials, Engagement Rings Symbolize Something Not So Romantic

Published

6 years ago

December 8, 2017

INSTORE Staff

YouGov released a new report.

When it comes to marketing to millennials, the jewelry industry still has plenty of work cut out for it, if a new report is any indication.

First the good news: Half of 18-to-34-year-olds believe engagement rings symbolize “love,” according to the survey by market research firm YouGov. That’s roughly in line with 35-to-54-year-olds (49 percent) and those 55 and up (52 percent).

And 56 percent of the youngest group say the rings represent committment. That’s compared with 62 percent of 35-to-54-year-olds and 71 percent of those 55 and up.

But the youngest group is more likely to view engagement rings as symbols of some far less romantic notions.

Fourteen percent of millennials say they represent ownership of the other person. Only 6 percent of the middle group and 2 percent of the oldest group agree.

Fifteen percent of the youngest group say engagement rings symbolize the ecnomic status of the one proposing. That’s compared with 8 percent of the middle group and 4 percent of the oldest group.

And 14 percent of 18-to-34-year-olds view the rings as symbols of the monetary value of a relationship. That compares with 11 percent of 35-to-54-year-olds and 4 percent of those 55 and up.

Read more at YouGov

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”