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Average Engagement Ring Spend Creeps Toward $6,500
And six more points from The Knot’s 2017 Jewelry & Engagement Study.
This diamond engagement ring from Sylvie Collection embodies many of the characteristics that were most popular among consumers who took The Knot’s 2017 engagement study: made in 18-karat white gold with a 1-carat round diamond and 0.27 carats of pave melee. It retails for $1,690 (not including center stone).
New York--The Knot’s biennial survey on marriage proposals shows that the average engagement ring spend has increased 25 percent since 2011.
According to the wedding planning website’s 2017 Jewelry & Engagement Study, which surveyed 14,000 engaged or recently married U.S. brides and grooms, the average amount spent on an engagement ring is now $6,351.
That is up 25 percent from $5,095 in 2011, and is a 6 percent increase from $5,978 in 2015, the last time The Knot conducted this particular survey.
The $6,351 figure is also a couple hundred dollars above the average of $6,163 shared in The Knot’s 2016 Real Weddings Study, which surveyed 13,000 couples who got married last year. The results of that survey came out in early 2017.
The Knot does its Jewelry & Engagement Study every other year and releases the results at the end of the year--when the greatest percentage of couples get engaged.
Below are six more points from the 2017 edition of the study, which came out Nov. 9.
1. Those $6,000+ rings are most often set with …
The most popular stone shape for engagement rings was, not shockingly, still round at 52 percent, while the average carat size for the center stone was 1.2 carats. Counting side diamonds and melee, the average total carat weight increases to 1.8.
The most popular setting metal was white gold, cited by 61 percent of respondents.
2. Consumers today do value shopping locally.
A total of 86 percent of respondents said they bought their engagement ring at a brick-and-mortar retailer and, among those, nearly half (45 percent) said they went to a local or independent jeweler.
While this is good news for the smaller brick-and-mortar players, The Knot’s survey also showed that the number of men buying engagement rings online is inching up.
The 14 percent of survey-takers who said they bought their engagement ring online is up from 10 percent in 2011.
Better pricing was the main reason for an online engagement ring purchase, cited by 63 percent of survey takers. That was followed by finding the perfect ring while browsing (45 percent), convenience (40 percent) and wanting to build a custom ring (29 percent).
3. They love custom.
Nearly half of survey takers had the engagement ring they bought for their fiancée personalized in some way, whether it was a total custom job (18 percent) or just touches of custom design (27 percent).
SEE: Unusual Engagement Rings from Amanda’s Style File
Dana Bronfman’s solitaire ring in hammered 18-karat yellow gold with a green-hued rose-cut diamond ($1,300)
Abby Sparks Jewelry “The Amber” sun-beam inspired engagement ring in 14-karat rose gold with a 0.90-carat round diamond and 1.03 total carats of diamond melee ($14,500)
Just Jules’ 14-karat white gold rose-cut diamond engagement ring ($4,100)
The 14-karat white gold Maya Collection engagement ring from Kaali Designs with blue sapphire and diamonds, shown accompanied with 18-karat white gold bands with blue sapphires ($2,500 engagement ring only; $2,250 for two bands).
Foundrae’s “If Not Now Then When” diamond baguette band with 18-karat yellow gold and Champlevé enamel ($1,995)
Alex Sepkus for Diamond Foundry x Twist 18-karat yellow gold diamond crisscross solitaire ring with a lab-grown white diamond from the Diamond Foundry at center ($12,555)
“The Faceted Pear” ring from Eva Fehren with a pear-shaped diamond and white diamond pave set in platinum ($14,775)
A bespoke ring from Carelle featuring a 7.61-carat rubellite center stone and diamonds set in 18-karat white gold ($38,900)
Todd Reed 18-karat yellow gold engagement ring with rose-cut diamonds (4.85 total carats) and white brilliant-cut diamonds ($26,200)
Delphine Leymarie’s Boheme Elise pink tourmaline ring (0.84 carats) set in 18-karat recycled yellow gold, shown here with an 18-karat yellow gold Boheme End Stack band ($2,145)
The Coomi Trinity Butterfly ring features a 2.57-carat butterfly-shaped diamond surrounded by diamonds and set in 18-karat white gold ($94,000).
Gumuchian 18-karat pink gold Tiny Hearts diamond engagement ring with 42 round diamonds ($2,200)
Jack Kelége & Co. diamond engagement ring set in platinum and rose gold (1.02 total carats) ($5,700, center stone not included)
K. Mita Dew Drop diamond ring with a rose-cut light yellow diamond (0.58 carats) set in 18-karat yellow gold and an 18-karat palladium-white gold alloy ($2,760)
Selin Kent’s 14-karat yellow gold Iris ring ($850)
Sylvie Collection 14-karat white gold solitaire engagement ring featuring 0.34 total carats of diamonds around the shank ($1,903, center stone not included)
4.
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One-third of couples pick the ring together.
A total of 33 percent of survey takers said they shopped together for their engagement ring.
Among both couples shopping together and men doing it solo, the average time spent finding the ring was 3.5 months (up slightly from 3.3 months in 2011) and average number of rings looked at before purchase was 26.
The majority of prospective grooms (72 percent) said they had some concerns during the purchasing process, chief among them not knowing if they were getting a good deal (35 percent) and not having a solid understanding of diamond terminology (28 percent).
5. Tradition has made a comeback.
A total of 9 in 10 grooms-to-be said they proposed with the engagement ring in hand and used the words “Will you marry me?” That’s up from 85 percent and 86 percent in 2011, respectively.
There was also a lot of popping the question on bended knee (cue Boyz II Men), with those totaling 87 percent of all proposals, up from 77 percent in 2011. And grooms more frequently asked for permission from their partner’s family (78 percent) than in years past.
6. Proposals are becoming more public, and they’re being taped.
In the 2017 survey, a total of 45 percent of all proposals took place in a public location, like a garden, park or zoo, up from 34 percent in 2011.
Couples also want record of the proposal (mostly likely to share on social media), with 47 percent of respondents reporting they hired a photographer or videographer to capture the moment.
Want to read insights from independent jewelers on the engagement ring trends they are seeing in their stores?
Check out National Jeweler’s 50 Jewelers/50 States series.
A total of 33 percent of survey takers said they shopped together for their engagement ring.
Among both couples shopping together and men doing it solo, the average time spent finding the ring was 3.5 months (up slightly from 3.3 months in 2011) and average number of rings looked at before purchase was 26.
The majority of prospective grooms (72 percent) said they had some concerns during the purchasing process, chief among them not knowing if they were getting a good deal (35 percent) and not having a solid understanding of diamond terminology (28 percent).
5. Tradition has made a comeback.
A total of 9 in 10 grooms-to-be said they proposed with the engagement ring in hand and used the words “Will you marry me?” That’s up from 85 percent and 86 percent in 2011, respectively.
There was also a lot of popping the question on bended knee (cue Boyz II Men), with those totaling 87 percent of all proposals, up from 77 percent in 2011. And grooms more frequently asked for permission from their partner’s family (78 percent) than in years past.
6. Proposals are becoming more public, and they’re being taped.
In the 2017 survey, a total of 45 percent of all proposals took place in a public location, like a garden, park or zoo, up from 34 percent in 2011.
Couples also want record of the proposal (mostly likely to share on social media), with 47 percent of respondents reporting they hired a photographer or videographer to capture the moment.
Want to read insights from independent jewelers on the engagement ring trends they are seeing in their stores?
Check out National Jeweler’s 50 Jewelers/50 States series.
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