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The Knot Fans' Average Spending on Engagement Rings +5% in 2014
Mar 15, 2015 9:47 AM
By Avi Krawitz
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RAPAPORT... Fans of The Knot, a popular U.S. wedding resource website, spent an average of $5,855 on engagement rings in 2014, up 5 percent compared with 2013, according to The Knot 2014 Real Weddings Survey. The Knot found that the total average spending on weddings across its fan base grew 5 percent year on year to $31,213, while the average number of guests in attendance has shrunk to 136 from 149 in 2009.
“Couples are focusing on creating an amazing guest experience and reception details, including finding unique venues to reflect their personality,” said Rebecca Dolgin, the editor in chief of The Knot.
She added that the biggest change in wedding planning has been the amount of brides using their mobile phones to plan their weddings, a total that was nearly doubled in the past three years.
Other trends included couples choosing more personalized and unique venue locations, such as historic buildings or homes and farms, and spending more on elements in the reception and less on the ceremony.
While average spending on most wedding categories increased, the survey found that 45 percent of the website's fans exceeded their budget, 26 percent stayed within budget and only 6 percent were under the budget planned for a wedding. Of the nearly 16,000 U.S. brides and grooms who participated in the survey, 23 percent said they didn’t have a budget at all.
Engagement rings were the second-most expensive item in the average wedding budget, following the venue, which cost $14,006 on average. The reception band cost an average of $3,587 and the average spending on a photographer was $2,556, ranking as the third and fourth highest spending items in The Knot’s budgeted survey.
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Tags:
Avi Krawitz, Diamond Ring, diamonds, engagement ring, The Knot, wedding
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