For years, the decision of how much to spend on an engagement ring has confused those planning to propose. All being well, this will be a piece of jewellery that will be worn for the rest of their lives. Many believe that a significant amount of money should be spent on the perfect ring; however, new research indicates that this is no longer the case.
Decrease in spending
With many diamond engagement rings costing an eye-watering amount, those who are hoping to pop the question will be glad to hear that UK couples are now spending less than in recent years. Research by insurance company Protect Your Bubble found that couples are less likely to spend a large amount of money on an engagement ring compared with 10 years ago, with a 19 per cent drop in spending.
Whilst some couples still believe that an engagement ring should cost a minimum of three months’ salary, the survey found that half of those asked spent less than three weeks’ salary on their ring, with 13 per cent of these choosing to spend less than one week’s wages.
From the age ranges that took part, the research concluded that those in the 16- to 24-year-old age bracket were more likely to spend the most on an engagement ring, with an average figure of £1,473. The 45- to 54-year-old bracket was found to spend the least, with an average figure of £691 spent in comparison.
Those in Northern Ireland were found to spend around £1,722 on their engagement rings. This contrasts with those in Scotland, who spent the lowest average of £862.
Cheaper quality options
Those on a budget will welcome the results, which see less of an emphasis on the amount being spent. Finding a Diamond Engagement Ring online is easy, with a wide range of quality rings at affordable prices making it possible to find the ring of your dreams while sticking to your budget.
Some prospective newlyweds are taking to adorning their body in more unusual signs of commitment, such as engagement tattoos and piercings.
With less pressure to spend an unaffordable amount of money on buying the perfect engagement ring, will we see even more of a drop in the average spending over the coming years?