A survey conducted by The Knot, a nationally popular wedding planning group, discovered that the average amount spent on engagement rings, by engaged and/or recently married pairs, is $6,351. The survey was a part of their Jewelry and Engagement Study for 2017, and was conducted on over 14,000 individuals.
The amount is a 25 percent increase from the $5,095 average discovered in 2011,with almost a third of the grooms admitting to spending in excess of the previously planned amount. In addition to that, 70 percent of brides admitted to knowing the amount spent on their engagement rings by their partners; with the majority (90 percent) of the brides expressing satisfaction with the amount spend. The remaining 6 and 4 percent of brides reported wishing for a bigger and smaller spending respectively.
On the grooms’ part – 72 percent reported facing a number of hurdles when purchasing an engagement ring, with 35 percent of those facing issues related to the best price deals, and 28 percent possessing inadequate knowledge of the terminologies associated with diamonds.
Proposal Trends among Millennials
Millennials is the one group of people who are revolutionizing all aspects of life, with respect to tradition. However, as far as proposals go, there are some new trends being observed. Following are some of those trends:
A third of all proposals are based on a surprise for the bride-to-be.
Age-old traditions such as the bent knee and ring presented to the bride; are being embraced once more.
A staggering 91 percent of male partners are following the bent-knee tradition, along with the words, “Will you marry me?” This is an increase from the previous numbers, which were 85 and 86 percent respectively, as recorded in 2011.
87 percent of the proposals are being done with the groom-to-be getting down on one knee, which is an increase from the 77 percent which was reported in 2011.
According to the Editor in Chief for the Knot, Kristen Maxwell Cooper, “We’re seeing proposers put more time, thought and effort into creating the perfect proposal, as well as an engagement ring they know their partner will love. And while proposals are less of a surprise than in years past, there’s an uptick in grooms returning to time-honored traditions.”
Couples who were surveyed admitted to selecting from least 26 potential rings before finally settling on the one they would choose.
45 percent of the engagement rings which are chosen, are custom-made, with the most popular (52 percent) cut of stone being round.
The carat size average for the stone fitted in the center is 1.2 carats; with the carat size average for the entire ring being 1.8 carats.
The popular metal for the ring has been reported to be white gold, with 61 percent of couples selecting it.
While the proposal itself is quite a lengthy process, with 44 percent of the surveyed couples reporting a planning time of at least 4.4 months before the question; the ideal ring is looked for at least 3.5 months.
Couples are meeting online in greater numbers, with the 2017 number being 19 percent, as compared to the 14 percent of 2015.
Online purchases of engagement rings also increased, rising to 14 percent of total bought rings, which is up from the 10 percent of 2011.
A third of the couples surveyed reported shopping for the rings together.