The price that millennia are willing to pay for an engagement ring has remained stable over the past three years, although they are becoming more flexible in their stone choices, according to research.
The average price spent on an engagement ring in 2018 was $5,000, the same amount as in 2017 and 2016, according to WeddingWire data. Each year, this bridal services market study surveys 18,000 newlyweds in the United States to predict future industry trends.
Although the cost of a ring has remained the same, couples have become more flexible in choosing the stone they prefer, with 71% choosing a diamond as their main stone, compared to 74% in 2017. In 2016, this question was not included in the study.
With regard to the proposal, the data show that December is the most popular month, Christmas being the number one for getting engaged. However, half of those who ask for their partner’s hand buy the ring more than two months before popping the question.
On average, a couple spends about $29,200 for a wedding ceremony and reception. This includes an average of $1,900 for wedding rings and $300 for jewellery other than the wedding ring.
Millennials are also the best advertisers for a brand, since 52% of them send a picture of their ring to friends and family and 64% post pictures of it on social networks, according to the survey.
“Today’s millennial couples choose to make their engagement a very shared experience,” says WeddingWire. “And even if it’s a private moment (about a third of the engagements take place at home), the reality is that the picture, the story, the pictures of the ring – or all the above – are shared on social media within a few hours so that everyone can see them.“