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Couples Shelling Out More on Engagement Rings

Feb 23, 2020 9:54 AM   By Rapaport News
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RAPAPORT... US couples spent 4% more on engagement rings in 2019, according to a survey by wedding resource The Knot.

Consumers that took part in the study paid approximately $5,900 on average for their engagement ring in 2019, versus $5,680 the previous year, The Knot said last week. That came despite the average amount the 25,000 respondents paid for a wedding remaining steady at $33,900, compared to $33,931 the year before. 

About one-third of all respondents spent between $1,000 and $3,000 on their engagement ring, while 10% averaged under $1,000. Couples from the mid-Atlantic region shelled out the most for their ring, at an average of $7,500, while those from New England followed at $6,900. The midwest had the lowest average engagement-ring spend, at approximately $5,300.

The most popular engagement-ring stones were diamonds, chosen by 83% of respondents. About 50% of all stones weighed 1 to 2 carats. Some 54% of those surveyed opted for white gold, while rose gold was the second-most popular metal, chosen by 14% of couples.

When it comes to wedding bands, the average cost of the bride’s ring was $1,100, with white gold the most popular material. For men’s wedding bands, respondents paid an average of $510, with tungsten ranking as the favorite metal.

A large percentage of those surveyed preferred to buy their rings in a brick-and-mortar store, with 70% choosing that option. Of those, 40% bought from a local or independent retailer, while 30% went to a national or regional jewelry chain. Within that category, 28% purchased at Kay Jewelers, 20% at Zales and 14% shopped at Jared.

Image: A couple getting engaged. (Shutterstock)
Tags: engagement-ring spending, Jared, Kay Jewelers, Rapaport News, The Knot, Wedding Report, zales
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