Economist’s Cult Question: Why Aren’t Millennials Buying Diamonds?
So far the narrative was: diamond jewellery is the ultimate symbol of luxury. Every millennial is sold million dollar dreams. So the million dollar question: Why aren’t millennials buying diamonds? Well, they don’t have millions. Career goes on to define long term goals than any other aspect of life for most millennials. They value experiences than materials. It’s more about living NOW while the old school security can wait. The price we pay: messing with quality of life. The concept of savings still belongs to the father’s generation. The 90s peeps are more willing to live away from home, even with near empty wallets. Many millennials are in debt. Most white-collared millennials are still in start-up to beginner level manager and executive roles. They are ambitious and diligent but impatient too. Millennials burnout easily. They’re seriously overstressed and underpaid.
Millenials are broke by the time they pay Uber and order pizza. If any savings are managed, they’re more likely to buy sneakers than diamond earrings online. Caught between dues and sneakers, last seven of the month goes without ordering pizza. Millennials, the trendy urban poor are too cool for diamonds. Basically, they can’t afford diamonds. Millennials are not going to buy diamonds, not at least till they learn to make better economic decisions. Their spending habits are highly inclined towards disposing income than making investments. Millennial thought may not be forever but diamonds are.
Diamond, gold or even a house for that matter is an investment. Diamonds now come even with EMI schemes. The glitz of a gem stone or valuable metal never loses sheen. Our desire to associate emotions with iconography is eternal simply because we have senses which interact with nature. Diamond’s exclusivity will always be treasured. The psychology for exclusiveness is inherent in humans. Exclusivity is inbuilt in our hierarchy of needs and wants. Every Insta profile is shouting aloud: I am unique. Millennials are largely narcissistic, have a sense of entitlement, and disregard what they cannot have. The carbon lattice is unique in its own ways. Millennials are still young and figuring things. They are barely concerned about investments, definitely not at times when they’re still uncertain about a long term role at present workplace. The same girl who was once too cool for diamonds will probably Google rings for men to celebrate her anniversary in future. In response to The Economist’s cult question: Just give her time to shine on like a crazy diamond.