People across the globe are hearing wedding bells this week in anticipation of Britain’s Royal Wedding on Saturday, when Prince Harry of Wales will wed American actress Meghan Markle.
New Data from the Simmons Retail Trends & Technology Study show that, in the US, young adults are the most inclined to buy something for a wedding or engagement. Millennials (aged 21-39) are nearly 7 percentage points more likely than all shoppers to have made this type of purchase in the last 12 months.
The fact that Millennials are the most likely to make purchases for engagements and weddings is perhaps expected, as these adults are the most likely to be at the stage in their lives when they, their friends, and/or colleagues may be planning for marriage. However, they’re not just more likely to make engagement and wedding purchases – Some Millennials are also spending more on them. Data from the Retail Trends & Technology Study further show that the largest share of all shoppers surveyed (21.6%) spent somewhere between $76-100 on engagements or weddings in the last year. The same is true of Millennials, with 26.5% spending between $76 and 100 in the same time period. Big spending isn’t out of the question for these young adults, though – especially when it comes to Millennial men.
Compared to 21-39-year-old women, men are nearly 9 percentage points less likely to have made a purchase for an engagement or wedding in the last 12 months (29.4% vs. 38.2%, respectively. However, when Millennial men do decide to make a purchase for these important life events, more of them are willing to spend more money on them. They overindex (145) on having spent $501 or more in the last 12 months, being 6.2 percentage points more likely than Millennial women to spend this amount (13.3% vs. 7.1%, respectively), and just over 4 percentage points more likely than all shoppers to do so (9.1%).
These data from Simmons show that engagements and weddings aren’t “just for girls.” Men have a vested interest in these events, too, and as such retailers may do well to tailor specific engagement and wedding promotions – namely when it comes to high-end items – specifically for Millennial men.