We’re all familiar with millennials getting a bad rep – we spend all our money on avocados and brunch and therefore have nothing to spend on anything else, of course.
However, millennial men are bucking the trend when it comes to spending on engagement rings! They’ve been thinking about cutting back on the avocados and saving their money so they can spend double the national average on a ring.
The UK’s leading Hatton Garden jeweller, Diamonds Factory surveyed over 2300 people to see what millennials thought about the actual/expected cost of engagement rings, and traditional such as the 3 month rule, who should buy the engagement ring, and the concept of a placeholder ring. The results were surprising to say the least!
The survey discovered that millennial men (who are aged between 24-39) think that an engagement ring should cost £3,626 – whilst women in the same age bracket expected a spend of £2,885!
The current national average for an engagement ring is £1,865 – so your average millennial man is planning on scrapping a lot of sourdough toast to double that spend.
However – in true millennial style, they’re dreaming big but not quite spending that much – the average amount a millennial spends on an engagement ring is £1,911 – a little over the national average but not crazily so.
Despite their reputation for eschewing tradition – only 4% shared the cost of their engagement ring. A quarter of millennials aren’t a fan of the idea of a placeholder ring, and 28% thought that following the three month rule – which is where you spend the equivalent of three months’ salary on an engagement ring – was about right…which would mean the ring would cost an eye-watering £7,650.
If you are feeling inspired by this – why not check out our edit of the best celebrity engagement rings? If you’re feeling utterly despondent however, don’t worry – Poundland do a range of engagement rings…