In the Top 2017 Jewelry & Engagement Study Stats Part 2, we’ll reveal how Engagement Rings Are Increasingly Personalized For Each Couple and The Knots results on Engagement Ring Spending, and Online Trends.
ENGAGEMENT RING SPEND IS ON THE RISE AND SHE KNOWS HOW MUCH WAS SPENT.
In 2017, the average engagement ring cost $6,351, up 25% since 2011. The majority of grooms (70%) report deciding on the ring budget on their own. Eight percent of grooms report deciding on the ring budget with their partner. Nearly 1 in 3 (29%) grooms report spending more than planned on the engagement ring. Seven in 10 (70%) brides know how much their partner spent on the engagement ring. Nine in 10 (90%) brides report being happy with the amount their fiancé spent on the ring; 6% wish they had spent more and 4% wish they had spent less.
BUYING THE RING ONLINE INCREASES IN POPULARITY.
Just as more and more couples meet online (17%) and use their mobile devices for wedding-related tasks (90%), it’s no surprise there’s also a rise in the purchase of engagement rings online (14%). While the majority of grooms (86%) continue purchasing rings at retailers—with nearly half (45%) preferring to buy from a local or independent jeweler—14% of grooms purchased the engagement ring over the web, up from 10% in 2011. Grooms who bought rings online reported better pricing online (63%), finding the perfect ring while browsing online (45%), convenience (40%), and wanting to build a custom ring (29%) as the main reasons for moving from brick-and-mortar retailers to online.
ENGAGEMENT RINGS ARE INCREASINGLY PERSONALIZED FOR EACH COUPLE.
Whether grooms completely customized (18%) the ring or implemented touches of custom design (27%) with a jeweler, nearly half (45%) of all grooms had their engagement rings personalized in some capacity. Both brides and grooms agree the most important factors to consider in their ring purchase are the cut and shape of the stone, followed by the ring style and setting, and then the quality of the stone.
The Final Chapter in this year’s report here.
*Source: The Knot 2016 Real Weddings Study
**Source: How He Asked 2017 Member Study