At some point in time, every generation is the thorn in the side of the older stuffier folks who preceded them: the “I had to walk ten miles to school each way with no shoes on, over sidewalks strewn with shards of glass and hot coals” folks. The “get off my lawn ya crazy kids!!!” folks. You get the point. We’ve all been there and it is truly a rite of passage growing up in this society. In any event, now it is the Millennials’ turn as the proverbial punching bag for their older stodgier predecessors.
Marketers, advertisers, social scientists – everyone under the sun is trying to discover what makes Millennials tick, what they buy, political persuasions, social issues, you name it. After poking, prodding and dissecting, everyone seems to have the answer right? Maybe…maybe not.
That is why the 2016 article by the Economist and the subsequent reactions made for a bit of fun and entertaining reading. Millennials had plenty to say after the Economist posed the critical question “Why aren’t millennials buying diamonds?” back in June 2016. See original the Tweet here: https://twitter.com/TheEconomist/status/748670361840009216.
The post by the Economist stemmed from the failed auction of a $70M diamond, then it spun into an analysis of the decline of diamond sales and why millennials aren’t interested in diamonds, etc. (Bergstein, 2017; The Economist, 2016). However, nobody wants to talk about Gen Xers who actually are more established in their careers, who have more money, and why they aren’t buying diamonds.
According to Bergstein (2017) diamond sales for 2016 actually rose by 4.4% and she elaborates on how some of the negative sentiment surrounding Millennials and diamonds is overblown. Even though the Economist is a reputable publication, this entire scenario is precisely why advertisers must do thorough demographic research before making claims or drawing conclusions that ultimately prove to be unfounded. That is also why the snarky, biting and at times even-tempered responses from Millennials to the Economist’s tweet were thoroughly entertaining and hilarious. To read the reactions to the Economist’s tweet, please click on the following: https://twitter.com/i/moments/749764884984803328?lang=en
Bergstein, R. (2017, June 9). Millennials reject diamonds? Prepare to start hearing a new story. Forbes. Retrieved from https://www.forbes.com/sites/rachellebergstein/2017/06/09/millennials-reject-diamonds-prepare-to-start-hearing-a-new-story/#204cf8e96620
The Economist. (2016, June 30). A diamond is for ever. But its allure comes and goes. Retrived from https://www.economist.com/news/business/21701497-diamond-ever-its-allure-comes-and-goes-rough
Twitter.com. (2016, July 5). The best answers to why millennials don’t buy diamonds. Retrieved from https://twitter.com/i/moments/749764884984803328?lang=en