Both me and my fiance (now wife) are millennials as well. I hate the ring culture and all the wedding rituals (spending so much money to please others) surrounding it. In fact, I don't even believe in marriage in traditional sense (like going to courtroom to sign on a government issued certificate, which only applies to legal realms)

My fiance, whom I believe is fairly reasonable and frugal in all aspects considered, also learned (thanks to the movie, Blood Diamond) that diamonds are not worth the price and unethical. But she still wanted me to spend some amount on rings. So I had to buy decently priced wedding bands (cost about $1700 each). Otherwise, I am sure my fiance wouldn't be too happy (thinking that I married her for cheap). I really was surprised when I first heard my fiance complaining about me not planning to buy rings for our wedding. The marketing and brainwashing of women about rings and wedding culture really work.