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Couples Paying Less for Rings, Survey Shows

Feb 19, 2019 8:23 AM   By Rapaport News
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 The average amount US couples spent on engagement rings dropped 2% in 2018, according to a survey The Knot released last week.

While 28% of the 14,000 respondents spent more than $6,000 on their ring, the national average was approximately $5,680, down from $5,764 in 2017, the data showed. In 2018, “high-spenders” — those whose nuptials cost more than $60,000 — spent an average of $13,619 on a ring for their proposal.

Couples averaged $1,078 on a wedding band for the bride, and $584 for the groom, while high spenders laid out $1,983 and $1,017, respectively. At the same time, the average amount couples spent on their wedding rose 2% to $33,931, with those who had a larger budget shelling out $104,109.

Most couples were willing to pay more for features that would personalize the event, such as food, location and the number of guests, The Knot noted.

“Weddings in 2018 showcased more personality and attention to detail than ever before,” The Knot’s editor in chief, Kristen Maxwell Cooper, said. “Each wedding is a love story worth celebrating, and every detail is an opportunity to infuse personal style and sentiment.”

The Wedding Report published survey data last week indicating a drop of 0.4% in spending on engagement rings, with couples laying out $3,388 on average. The survey, which generally gives lower spending figures than The Knot, also noted a 1.1% decrease in the proportion of couples opting to purchase engagement rings.

Image: An engaged couple. (Pixnio)
Tags: engagement rings, Kristen Maxwell Cooper, Rapaport News, The Knot, The Wedding Report
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