Current Engagement Ring Trends
For those of you interested in wedding jewelry and engagement ring trends (like we are!), there are some great studies out there to look through. Maybe you want to stay “on trend” or maybe you want to steer clear of it! One of the largest wedding jewelry and engagement ring study of its kind called The Knot Jewelry & Engagement Study. The Knot surveys couples who are engaged or recently married within the past year, and aims learn all sorts of really valuable data and insights from their couples. Take a peek at the latest results…
Engagement ring spend is at it’s highest ever
Couples report spending an average of $6,351 on the engagement ring. Compare that to the average of $5,095 in 2011 — spending is way up. Also, Interestingly, among survey respondents, couples are living together for longer, they’re slightly older (average age of a bride is 29, a groom is 31) and their average household income is up across the board as well. In other words, today’s engaged couples are older, more established, making more money buying engagement rings at a slightly higher price point than in years past. In our parents day, the average age might have been 19-21 years of age! When considering engagement ring trends, this one aligns most with the following information.
Today, the average age of a bride is 29, and a groom is 31.
Couples spend more time researching but look at fewer engagement rings.
For guys, the average time spent ring shopping was 3.5 months. In 2011 that number was 3.3 months and it seems guys are taking longer to shop for “the ring” than ever before. During their search, guys looked at an average of 26 rings — down from 28 rings in 2011. So even though men are taking longer to pick the ring, they’re not considering as many options. Why? Modern sociological behaviors are likely the answer – technology advancements. Couples, in general, are used to a fast, frictionless purchase process (think Amazon, Etsy, and even Seamless delivery). Their appetite for browsing dozens upon dozens of options has fallen just like their desire to search through products.
She’s more involved than ever before.
Yep, you read that right. The percentage of women involved in ring shopping has gone up by 5 percentage points since 2011. In fact, 70% of women surveyed claimed to have some involvement in the final decision — that includes shopping for the ring together (33%) or hinting about what they wanted in a ring (38%). Buyer regret tends to be a bit lower. It doesn’t help the traditionalist family situation, but it certainly has its financial advantages.
More proposals captured on film.
Surveys show that one of the most important parts of the proposal was capturing the memory on camera. In fact, 47% of proposers had a photographer/videographer on the scene. That’s up a whopping 6 points in only 2 years.
Stone cut, setting, and quality are at the top of the list.
The stone cut and ring setting are the number one and two factors couples consider when choosing the engagement ring. The third most important factor is the stone quality. What appears to not be at the top of the list is the designer. Also, fun to note are these facts:
- Most popular metal: White gold
- Most popular (non-diamond) gem: Sapphire
- Most popular setting: Prong
Oval rings are on the rise; round is still the most popular.
Oval rings were just a blip on the radar in 2011, at 1% of all engagement rings purchased. In 2017 however, 7% of couples chose an oval cut engagement ring. The most beloved cut by far is still classic round. More than half of couples (52%), choose a round cut engagement ring. Also good to know: Princess cut diamonds are on the decline — down 16 percentage points since 2011.
Price matters more for him. Size matters more for her.
The biggest difference between men and women? Price. Always. Grooms considered the ring price to be the 4th most important factor but women put it 6th on the list. Add to that, the majority of men (83%) would rather buy a smaller, better quality diamond than a larger stone of lesser quality while only 53% of women felt the same way. And consider this: 47% of grooms surveyed said they stuck to their original budget (vs. 39% in 2011).
Local independent shops are on the rise.
When couples were asked where they ultimately purchased the engagement ring, almost half of all men surveyed listed a local or independent jeweler. This number has been steadily rising year over year and has risen 5 percentage points since 2011.
This is great news! Gittelson Jewelers has been your diamond egagement ring and wedding jewelry expert in downtown Minneapolis for over 30 years. It seems like online marketing and “options” are so plentiful, and we’re engaged with so many ads that when it comes to buying something this special and this important, it really shoudl be in person.
The bands almost never match.
Oddly enough 90% of couples bought non-matching wedding bands. That said, over half (60%) bought their bands together at the same retailer. So while couples are very motivated to express their individual style through their wedding bands, they’re still buying from the same jeweler they know and trust. You should also read an article we wrote entitled “You Are Missing Out When You Buy Diamonds Online”
Original Article posted on www.theknot.com
In the end, this trend toward higher price point rings and longer research time frames indicates that couples are more concerned about the quality of the product, the process involved with getting it, and getting just what they want – rather than getting a deal. Talk your local engagement ring jeweler. We love to help make it just perfect.
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