Engagement ring spending

engagement ring spendingHow much does the average engagement ring cost?  $6351. It seems that engagement ring spending is on the rise according to The Knot’s Jewelry & Engagement Study.

The average engagement ring went for $5095 in 2011. So why has the price seemingly gone up? Brides and grooms have changed more than the prices of the ring have. The Knot reveals that couples today have been living together longer than their counterparts in 2011. That means they’re more established, older, and have higher incomes. The average age of a bride is now 29 and the groom is 31.

Your most important jewelry purchase ever

With a little more discretionary income, these couples are more interested in selecting a ring that is distinctive rather than cheap. They consider it a purchase of a lifetime, the single most important piece of jewelry a woman will ever wear. In that light, the extra dollars today’s couples are investing in their engagement ring averages out to a mere $24 over the next fifty years of marriage compared to 2011 couples.

The survey revealed quite of bit of interesting info. Guys look at an average of 26 rings when shopping for engagement rings, but 70% of their fiancee’s are involved in the process to some extent. On average, it takes three and a half months to find the engagement ring of a lifetime.

The most popular metal is white gold; the most popular setting is a prong; and sapphire is the most popular non-diamond gem.

The difference between brides and grooms

Is there any difference between men and women when it comes to engagement ring spending? The Knot says yes. Overwhelmingly, grooms prefer to buy a smaller, but higher quality diamond, while brides simply like a larger rock.

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