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Shifting Markets

Diamond_Hawk

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I was reading in the JCK magazine that there is an emerging trend for millennials in diamond purchases. Though many of the traditional demographics are shying away, the Asian and Hispanic markets are increasing in interest in diamonds for jewelry and (specifically) engagement rings. Any thoughts on why that is?
 

AprilBaby

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Millennials seem to want to save The money and buy alternate stones. My daughter has no intention of getting a diamond. The Asian market has had more money recently and they are following more western wedding ideas like gowns and rings. The Hispanic market I don’t see any shift. I am in Chicago where we have a large Hispanic population and I have a lot of interaction.
 

Calliecake

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Three of my nieces have married within the past three years. All three have a diamond engagement ring. I know having a diamond was important to 2 of them.
 

elliefire99

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As a millennial (lol), I would say that the cliche of "less material things, more experiences" schtick actually holds a lot of water, and/or we are just not quite able to afford it and don't care quite enough to make the sacrifices to make it happen. Especially true if the couple is looking into buying increasingly expensive property soon. That said, I just bought a diamond, and others I know have too.

As for the Asian and Hispanic demographic, diamonds are still very much a status symbol. With increasing second and third generation young people (4th gen Asian here!) in the U.S., both groups are increasingly reaching middle and upper middle class. The middle class is notorious for wanting to buy public symbols of wealth and mobility (think the recent boom in car purchases by middle class people in India and China). Additionally, such traditional symbols, both of financial success and traditional family values, can be more important to the more traditional cultural backgrounds of the parents and families of millennial Hispanic and Asian people. Parents want to see their children's success in those symbols. It is important to them.

Broad generalizations, of course, but that is the way I would explain the general trend based on anecdotal life evidence ;P
 

MakingTheGrade

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Millennials seem to want to save The money and buy alternate stones. My daughter has no intention of getting a diamond. The Asian market has had more money recently and they are following more western wedding ideas like gowns and rings. The Hispanic market I don’t see any shift. I am in Chicago where we have a large Hispanic population and I have a lot of interaction.

Yeah part of it may be that many millenials don't feel they're in a place to buy things like diamonds when they have lots of student loans etc to pay back.
 

SandyinAnaheim

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I'm Hispanic and think that it has a lot to do with tradition. The old adage of an ER costing 2 months' worth of salary still hangs around, regardless of student debt, etc. I would not have been satisfied with anything other than a diamond, and not just any diamond. My husband thought he could get out of a 10 yr waiting period with a $2k ER.....ummmm, I don't think so. :lol:
 

Diamond_Hawk

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Three of my nieces have married within the past three years. All three have a diamond engagement ring. I know having a diamond was important to 2 of them.

I wonder how much of this is 'family expectations' sometimes. Will cousins, sisters, etc. feel they have to live up to a standard which matches the rest of the family?
 

Diamond_Hawk

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As a millennial (lol), I would say that the cliche of "less material things, more experiences" schtick actually holds a lot of water, and/or we are just not quite able to afford it and don't care quite enough to make the sacrifices to make it happen. Especially true if the couple is looking into buying increasingly expensive property soon. That said, I just bought a diamond, and others I know have too.

As for the Asian and Hispanic demographic, diamonds are still very much a status symbol. With increasing second and third generation young people (4th gen Asian here!) in the U.S., both groups are increasingly reaching middle and upper middle class. The middle class is notorious for wanting to buy public symbols of wealth and mobility (think the recent boom in car purchases by middle class people in India and China). Additionally, such traditional symbols, both of financial success and traditional family values, can be more important to the more traditional cultural backgrounds of the parents and families of millennial Hispanic and Asian people. Parents want to see their children's success in those symbols. It is important to them.

Broad generalizations, of course, but that is the way I would explain the general trend based on anecdotal life evidence ;P

Great points here - thanks for the thoughts!
 

Calliecake

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I wonder how much of this is 'family expectations' sometimes. Will cousins, sisters, etc. feel they have to live up to a standard which matches the rest of the family?

I don’t think their choices have anything to do with family expectations. They are from both sides of the family. I am the only jewelry lover in the family and don’t really discuss it with my family. The two that received larger diamonds over ( 2 and 3 carat solitaires) say they will never upgrade. They are both now starting their own families.
 

Diamond_Hawk

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I'm Hispanic and think that it has a lot to do with tradition. The old adage of an ER costing 2 months' worth of salary still hangs around, regardless of student debt, etc. I would not have been satisfied with anything other than a diamond, and not just any diamond. My husband thought he could get out of a 10 yr waiting period with a $2k ER.....ummmm, I don't think so. :lol:

Great point about tradition here - and 10 years... wow!
 

vintageloves

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"The MVI study focused on what it calls Forward Facing Immigrants—Hispanic and Asian consumers whose families may have immigrated to the United States two or three generations ago. The online poll queried 702 respondents aged 25 to 40 with an $80,000 household income and higher, who self-selected as Asian American, Hispanic-American, or Latino-American."

That's over double the average salary for a millennial. I'm sure in any demographic young people with a higher than average income will be more interested in purchasing diamonds than their peers. I'd also like to see an age breakdown on this. 1990s babies seem to be rejecting the idea of status symbols, but older millennials like me (1981) are more like GenXers.
 

Diamond_Hawk

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"The MVI study focused on what it calls Forward Facing Immigrants—Hispanic and Asian consumers whose families may have immigrated to the United States two or three generations ago. The online poll queried 702 respondents aged 25 to 40 with an $80,000 household income and higher, who self-selected as Asian American, Hispanic-American, or Latino-American."

That's over double the average salary for a millennial. I'm sure in any demographic young people with a higher than average income will be more interested in purchasing diamonds than their peers. I'd also like to see an age breakdown on this. 1990s babies seem to be rejecting the idea of status symbols, but older millennials like me (1981) are more like GenXers.

Great point!

It's funny you should mention that, as I just finished reading an article on "The Motley Fool" that suggests, though the average millennial salary is about $37,500, in order for the millenial to feel financially 'happy' it needs to be right around $80,000.

This raised my eyebrows a bit as many of the people I know who are in their 50's aren't making $80,000. This is a long row to hoe for everyone!
 

Diamond_Hawk

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I was just on another forum (financial based) and was reading how the NYTimes just did a budget breakdown of monthly expenses for a 'smart' 25 year-old making $100,000 a year (assuming 3 roommates).

I'm thinking to myself... wow, $100K at age 25. That's a pretty cool market the are trying to entice to read their paper!
 

paperunicorn

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I was just on another forum (financial based) and was reading how the NYTimes just did a budget breakdown of monthly expenses for a 'smart' 25 year-old making $100,000 a year (assuming 3 roommates).

I'm thinking to myself... wow, $100K at age 25. That's a pretty cool market the are trying to entice to read their paper!
I am really lucky that my partner has been very successful in his field and is probably making approx ~$150k a year at 33. He has this weird thing where he doesn't really see himself as successful and assumes everyone his age is in about the same situation, but everyone I know makes about $30k/year or less. I don't know anyone who made or is making $100k at 25!
 

Diamond_Hawk

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I am really lucky that my partner has been very successful in his field and is probably making approx ~$150k a year at 33. He has this weird thing where he doesn't really see himself as successful and assumes everyone his age is in about the same situation, but everyone I know makes about $30k/year or less. I don't know anyone who made or is making $100k at 25!

This was m my thinking as well. But they must be out there - mynither question was:

If you’re making $100K, would you choose to live with 3 roommates? :think:
 

chroman

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If you’re making $100K, would you choose to live with 3 roommates? :think:
Depends where you’re living I suppose - if you’re in the bay area it’s probably fairly common!
 

paperunicorn

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This was m my thinking as well. But they must be out there - mynither question was:

If you’re making $100K, would you choose to live with 3 roommates? :think:
good god no, but I can understand that somebody with the same mindset as my partner would. There's a whole forum he reads about being "frugal"... being responsible with money is wonderful and necessary obviously but, as someone who's over here in a fine jewelry forum, I obviously believe in enjoying your life and not letting it pass by in the name of an unknown future. :lol-2:
 
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