Surveys

Average engagement ring spend inches closer to $6K

SurveysMar 15, 2015

Average engagement ring spend inches closer to $6K

The average amount couples are spending on their weddings went up in 2014, including what they’re paying for engagement rings, according to a survey from The Knot. 

The average price point that couples are spending on engagement rings rose to $5,855 in 2014, according to a recent survey by The Knot.

New York--The average amount that couples are spending on their weddings went up in 2014, including what they’re paying for engagement rings, which increased from $5,598 in 2013 to $5,855 last year, according to a survey from The Knot.

The wedding website’s most recent Real Weddings survey shows that the average cost of a wedding across the country now is at $31,213.

The most expensive place in the U.S. to get married remains Manhattan, where the average wedding costs $76,328. The least expensive place to get married in the country in Utah, where couples spend an average of $15,257 overall.

An interesting, though perhaps not surprising, trend that The Knot noted is that couples are increasingly using their smartphones to help plan for the big day. 

The use of mobile to access wedding planning websites has nearly doubled over the last three years--in 2011, that number was at 33 percent and last year it had increased to 61 percent.

And the trend of personalization that has taken the fine jewelry industry by storm also has seemingly taken over many more aspects of consumer spending, as couples are moving away from more traditional wedding venues to find unexpected places to get married to show their own unique style.

While traditional sites like banquet halls, country clubs and hotels are still popular, an increasing amount of couples are looking for unusual venues.

Since 2009, historic buildings/homes and farms have grown in popularity--historic buildings increased from 12 percent in 2009 to 14 percent last year, and farms have gone from 3 percent six years ago to 6 percent in 2014.

A third trend that The Knot spotted is that couples are starting to spend more on their receptions and less on the ceremony itself. The number of couples paying for a cocktail hour rose from 69 percent in 2010 to 76 percent last year; more also is being spent on catering, musicians and cake.

Other notable statistics from the survey include the following:

--Average amount spent on a wedding dress: $1,357;
--Average marrying age: women, 29; men, 31;
--Average number of guests: 136;
--Most popular month to get engaged: December;
--Average length of engagement: 14 months; and
--Most popular month to get married: June.

The Knot surveyed approximately 16,000 brides and grooms that were married between Jan. 1 and Dec. 31, 2014. This was the site’s eighth Real Weddings report.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

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