2017 Engagement Ring Stats: up to date info to help you get it right!
Buying a car can be a tricky business, right? But usually, it’s an enjoyable one.
It’s fun to read reviews, nerd out over stats, get informed and then find the car that has the right combo of BHP, 0-60 time and er, trunk capacity that is right for you . Even if you’re not a dedicated Top Gear viewer, I bet you do a fair amount of research before you head down to the lot.
But for some reason, it seems not all guys spend quite so much time ensuring that they get another major purchase right – their engagement ring. Even if it is a pretty major expense which will be worn by your future wife for the next, well, forever.
Engagement ring guidance website ringspo.com recently ran a survey of 2,432 recent ring buyers to help inform their ring-buying decision and found that 46% of guys spent more on their engagement ring than their first car:
This is a pretty mind-blowing stat when you think about it, and definitely reinforces the need for research to ensure that ring buyers are getting a good deal with their ring. After all, you wouldn’t head down to a second hand car lot for your first car and buy the first one you see would you?
But this is what many guys do. As the graph below shows, nearly 30% of guys buy from the very first retailer that they visit:
As I’m sure your thrifty spinster Aunt will tell you, not comparing prices is a cardinal sin when shopping. But this is especially so with engagement rings. Different retailers, even ones on the same strip, can charge wildly different prices for identical diamonds, which means that comparing prices and shopping around could potentially save you thousands of dollars.
One of the easiest ways to double-check whether you’re getting value is to check against an online retailer. Online retailers have access to hundreds of thousands of diamonds, which means that you can easily find a stone which matches the one that you’re considering and check whether the price that you are being offered is fair. Ringspo has recommendations on the best engagement ring retailers which can be used for exactly this purpose.
But how do you decide how much you should spend? How much is fair. The old wives tale that most guys have heard of is that you should spend either two or three months’ salary on an engagement ring.
This is definitely NOT a hard and fast rule, and in fact was invented by diamond conglomerate De Beers as part of an ad campaign to try and increase the amount that guys spend on their engagement ring.
The good news is that a large percentage of guys ignore the rule completely, while the majority of the rest treat is as merely a guideline:
OK, so if you’re not going to pay too much attention to the rule, how much should you spend?
The amount that you spend on your ring should ultimately be an amount that you are comfortable spending. Sure, it’s nice to spend an amount of money which shows that you care about your future wife, and saving up to buy it can be a symbol of your commitment to her.
But, if you are going to break out in a cold sweat in 12 month’s time at the thought of how much you’ve spent, then it’s probably time to revise your budget down a little. The actual average cost of a ring from survey recipients was $4,325:
Looking at the results, there was a wide range of prices paid for engagement rings – it varied from $10 (it came in a candle) to over $30,000. So although the survey did generate an ‘average price’, we can’t stress enough that the price you pay is the price that is right for you and your partner.
But if you are going to invest a considerable amount of your hard-earned cash, you want to make sure that you get it right, right?
Rom-coms may have propagated the myth that most men have Professor X levels of mind reading ability which allow them to know the exact ring their partner wants, but the survey shows that not many guys actually back themselves to pick the perfect ring:
Just 35% of rings are a complete surprise, while females have some level of input in over 55% of ring choices. To be honest, this is probably for the best. Think about whether you would trust your other half to pick your fantasy football team for the year.
If you answered no to this question then maybe it’s not a good idea to back yourself to choose a ring that she will wear every day for the rest of her life!
The full engagement ring survey contains more info and stats about most popular ring styles, diamond shapes, precious metals and more. Click through to check it out.
About the author
Alastair is the founder of Ringspo.com, a consumer guidance website which aims to help couples avoid common mistakes when buying their engagement ring and get the most beautiful ring possible for their budget.