The sparkle of a pricey engagement ring may be fading for young consumers.
"Older millennials" (those between ages 27 and 36) were the most likely of any age group to say a buyer should spend no more than one month's salary on a ring. Thirty-one percent of older millennials said one month's salary is appropriate, and another 10 percent, less than one month. (That doesn't include 3 percent who said they wouldn't spend anything, or don't believe in engagement rings.)
To compare, 25 percent of Gen Xers and 21 percent of baby boomers think one month's salary on a ring is the right number. Another 5 percent in each group said they would spend less than that amount, and 2 percent in each said they would spend nothing.
Millennials tend to have other financial goals that compete with a ring, said Sarah Berger of TheCashlorette.
"Older millennials could still be saddled with student loan debt, and many are trying to save for a down payment on a house," she said.
This generation also tends to be less interested in expensive material possessions, she said.