Engagement Ring New research
Well, according to new research, spending on engagement rings has nearly doubled in the last year alone. So, the rule of thumb of spending 3-month salary is no longer relevant today.
Couples getting engaged in 2017 spend an average of $6,500 on a ring, compared to a more modest $5300 in 2016.This is according to research done by the magazine, The Knot.
Three-months-worth of wages
Despite pricier engagement rings enjoying a bit of a revival, the tradition of spending three-months’ wages on the ring seems to be completely outdated now, with men forking out at least 4 months of wages for that perfect engagement ring.
Still the perfect engagement ring is the key to a positive response to the marriage proposal. Beware men, make sure your ring wows her to say yes. I’m sure she would say yes anyway but the ring helps.
Engagement Ring Shopping Survey Results
14,000 engaged or recently married brides and grooms were surveyed from across the US regarding everything from ring shopping to proposal planning to uncover the top trends and habits among to-be-weds in 2017.
As for interesting findings, only one in three proposals are a surprise, which can be attributed to the fact that partners are more meticulously planning and discussing their future together long before an actual proposal happens. To be exact, one in four couples report discussing marriage more than two years before actually getting engaged.
When it comes to engagement ring shopping, the average spend is up 25 percent from 2011 ($6,351 from $5,095), while the average time spent looking for one hovers around 3.5 months (but planning a proposal is a lengthier process—those surveyed report spending around 4.4 months devising a game plan before popping the question). Couples said they looked at an average of 26 rings before deciding on the one, and interestingly, online ring shopping is more popular than ever before.
Marriage Proposal Stats
While to-be-weds—millennials, in particular—are leaning toward dating, ring-shopping and wedding planning using digital tools, our study proves they’re making a return to practicing time-honored proposal traditions as well. 91 percent of grooms are both proposing with a ring in hand and using the phrase, “Will you marry me?” up from 85 percent and 86 percent in 2011, respectively. A staggering 87 percent still report proposing on one knee, up from 77 percent in 2011.
So, while marriage proposals, in their own way, are undoubtedly evolving with the current generation, it’s thought provoking to discover that some traditions are clearly here to stay.
Check out the top engagement and jewelry stats from our survey below:
- Average engagement ring spends: $6,351 (up from $5,095 in 2011)
- Average time spent looking for ring: 3.5 months
- Average time spent planning a proposal: 4.4 months
- Average number of rings looked at before purchase: 26
- Engagement rings with a custom design: 45 percent
- Most popular stone cut: round (52 percent)
- Average carat size for center stone: 1.2 carats
- Average carat size for total ring: 1.8 carats
- Most popular engagement ring setting metal: white gold (61 percent)
This should give most couples the data needed to make a proper decision on buying an engagement ring to proposing marriage.
We will be waiting for you at Kruckemeyer & Cohn to put your knowledge to practical use.