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Engagement-Ring Demand Fell in 2018 – Poll
Feb 13, 2019 8:22 AM
By Rapaport News
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RAPAPORT... Fewer US consumers bought jewelry for their weddings in 2018, while the number of couples opting for engagement
rings also dropped, according to The Wedding Report.
The proportion of couples that bought an engagement ring when getting married fell 1.1% in 2018, with 87% purchasing one, according to a survey by the market-research company. Demand for women’s wedding bands also declined, with 86% buying them, down 2.3% year on year.
The average amount couples spent on engagement
rings decreased 0.4% to $3,388, while the average price of women’s wedding bands slipped 0.9%
to $775.
The average total wedding cost in the US fell 4% to $24,723, the
lowest figure since 2009.
“The bad news is that couples are not spending more despite
a relatively good economy,” The Wedding Report noted. “It’s the [reduced] demand for
traditional wedding expenditures that is driving the lower overall spending.”
Almost every category saw lower demand, according to the
report. Only event location, food and decorations saw an increase, showing that
more couples are looking for an experience rather than a traditional wedding,
the report added.
Image: A man proposing to his girlfriend. (Shutterstock)
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Tags:
engagement rings, Rapaport News, Wedding Report
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