Buying and Protecting Your Engagement Ring – Generational Differences Edition Part II

January 14th, 2022

In part I of our series on generational differences when buying and protecting your engagement ring, we explored the financial habits of older and younger generations. We discovered that millennial and Gen Z ring buyers are far more likely to protect their engagement rings with insurance than those in the Boomer and Post-War generations.

In part II, we take a closer look at how different generations wear and store their diamond rings and how these habits affect their jewelry insurance needs.

Generational Outlook on Marriage

There are striking differences between the older and younger generations regarding marriage. In 2019, the Pew Research Center reported that only 44% of millennials were married by age 40, whereas 81% of the silent generation, 61% of boomers, and 53% of Gen Xers were married at the same age.

Generally, younger generations are marrying at an older age. They are also living as partners longer prior to marriage, leading to an increase in the view of marriage as an equal partnership. They prefer to plan and save before getting married and buying significant purchases, such as engagement rings.

Generational Jewelry Habits

Millennials are still buying expensive engagement rings; 61% of those surveyed by BriteCo reported buying rings with a median price of $3,250. However, their ring wearing habits are vastly different than those of older generations.

72% of older boomers report never removing their wedding rings, while only 12% of millennials keep their rings on at all times. This may have to do with the millennial tendency to value experiences over material possessions. Millennials could regard a ring more as a symbol of love and commitment rather than a concrete marriage statement they need to wear all the time.

Storing Engagement and Wedding Rings

Millennials and GenZers tend to take their rings off to protect them rather than wear the pieces and expose them to dirt or damage.

While 41% of respondents on the BriteCo survey said they had misplaced their jewelry after taking it off, more than 45% keep their rings in a jewelry box when not wearing them, and 18% reported using a home safe. This research may indicate that younger generations can benefit from obtaining full-coverage jewelry insurance to protect their assets.

Comparison of engagement ring wearing and storage habits among Millennials, GenZ and Boomers.]

Key Take-Aways

  • Millennials and Gen Zers view marriage more as a partnership rather than an institution.
  • Younger generations prefer to take their rings on and off, while older generations keep their rings on nearly all the time.
  • Younger generations tend to be more motivated by freedom and financial security when storing and protecting their jewelry.
Is your engagement ring insured

No matter how you wear or store your wedding ring, BriteCo is a convenient choice to obtain full coverage for high-value jewelry. BriteCo offers superior coverage, affordable premiums, monthly payment options, and discounts for factors like safe storage.

Visit BriteCo to get a quote on your wedding or engagement rings and gain peace of mind.

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About the Author

Dustin Lemick is the Founder and CEO of BriteCo and a third-generation jeweler with over thirteen years of retail jewelry experience. He holds a Graduate Gemologist degree from the Gemological Institute of America (GIA) and has in-depth knowledge and expertise in appraisal systems, diamond and gemstone markets, retail pricing models, insurance replacement models, and jewelry quotation pricing systems.
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