|
|
US Engagement-Ring Spending Flat at $3.4K
Aug 14, 2017 7:32 AM
By Rapaport News
|
|
|
RAPAPORT... The amount US couples spent on wedding and
engagement rings went largely unchanged in the second quarter, according to
data The Wedding Report released Sunday.
The average outlay on engagement rings
slipped 0.2% to $3,399 in the second quarter, from $3,406 in the first quarter,
the research group said.
Meanwhile, the average spend on women’s wedding
rings declined 0.4% to $782, the survey showed. Customers paid an average of $455
for men’s wedding bands, a drop of 0.2% from the first quarter.
The average total for a wedding also remained
steady in the second quarter, down by only $1 at $25,960.
“While average spending for most items
remained flat, couples continue to spend less on services such as photography,
video and planning,” The Wedding Report said. “Only entertainment, invitations,
and event location saw some increase in spending. This means that couples will
continue to be price-sensitive to products and services that feel relatively
the same from business to business.”
The research group based its report on
survey answers from 2,412 couples between April 1 and June 30.
The Wedding Report’s findings contrast with
figures from online wedding resource The Knot, which have pointed to a
continued upward trend in engagement ring prices. The Knot’s Real Weddings
Study showed an average spend of $6,163 on engagement rings in 2016 — up from $5,871
in 2015 — based on a survey of its members.
|
|
|
|
|
|
|
|
|
|
Tags:
Diamond prices, engagement rings, Rapaport News, retail, The Knot, The Wedding Report, wedding rings
|
|
|
|
|
|
|
|
|
|
|
|
|