Honestly, if you compare it to the other really expensive things that happen around the same stage of life... buying a home, having children... Unless I'm from a highly religious family(also in decline), I can tell you easily which one I'd call pass on.
https://ifstudies.org/blog/1-in-3-a-record-share-of-young-ad...
I remember the honeymoon we splurged on, much better value, much less planning and coordination to worry about.
Weddings are expensive. Marriage costs almost nothing.
Ours was about £500, 25+ years ago. Still together now.
I am basically anti-marriage for myself but an expensive diamond ring is acting like a form of collateral. It is a form of insurance that one party is not completely fraudulent about their financial situation.
Imagine that, these long held traditions actually have practical purposes and are not just random nonsense that is so easily solved by technology.
People hopelessly addicted to social media and bullshit are just total suckers for these type of stories though.
The credit industry has entered the room.