SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
SurveysFeb 12, 2019
Engagement Ring Spending Flatlined in 2018, Survey Shows
It’s part of a continuing trend of couples spending less on the big day.
The Wedding Report released its 2018 report this week. It found that the average amount spent on an engagement ring in 2018 was $3,388, while The Knot has it at about $5,800. This ring from Just Jules in 14-karat white gold with a rose-cut diamond retails for $4,100.
Tucson, Ariz.—There was no spike in engagement ring spending in the United States last year, part of an overall trend of couples tightening the belt on their wedding budgets, a new survey shows.
On Sunday, The Wedding Report, a Tucson-based research company that tracks and forecasts spending and trends in the wedding industry, released full-year 2018 data.
The data is based on 6,792 surveys collected between Jan. 1 and Dec. 31, 2018 and includes both couples who were already married and those who had spent money on their wedding but hadn’t yet tied the knot when they took the survey.
Overall, The Wedding Report found the average cost of a wedding in the U.S. slipped 4 percent, from $25,764 in 2017 to $24,723 in 2018.
It was the first time since 2009 that the average cost of a wedding has slipped below $25,000 in The Wedding Report’s year-end survey and was on par with what consumers spent in 2008, when the average was $24,100.
Spending across almost aspects of the ceremony and reception declined or was flat, including spending on engagement rings and wedding bands.
According to the survey, the average amount spent on an engagement ring in 2018 was $3,388, down less than 1 percent from $3,402 in 2017.
Spending on the wedding band for her was $775, down only slightly from an average of $782 in 2017. The average amount spent on men’s bands was $454, virtually unchanged from $455.
Spending for other wedding jewelry—bracelets (average of $174), earrings ($151) and necklaces ($199)—also was flat year-over-year.
The engagement ring figure from The Wedding Report is always lower than what The Knot reports in its various surveys; the latest figure from the popular wedding planning website had average engagement ring spending at $5,764.
The Wedding Report founder and CEO Shane McMurray said Monday he believes the difference is that people who use The Knot are, for the most part, planning large weddings with bigger budgets and, therefore, have more money to spend on engagement rings.
His survey, meanwhile, cuts across a broader socioeconomic swath, encompassing everyone from couples getting married at the courthouse and holding a reception in the backyard to those planning a more traditional, higher-cost ceremony.
While the numbers might be different, both The Wedding Report and The Knot’s 2017 Real Weddings Study (the 2018 version is due out later this week) are reflective of the same trend: Consumers are
starting to spend a little bit less on their big day.
McMurray attributes the change to two factors.
First, there is what he calls “lifestyle creep”—all the little things that people want or feel they need today that add up and eat into budgets, like that daily latte from the local coffee shop, the latest smartphone, drinks and dinners out with friends, styling and subscription services like Stitch Fix and Rent the Runway, and fees for the premium versions of streaming services like Hulu, Netflix, Spotify, etc.
All of these little things “just keep adding up,” McMurray said.
Second, there’s rising rents, and not just in big cities like New York, Los Angeles or Chicago; McMurray noted that rents in his town, Tucson, are increasing too.
Both these factors have consumers cutting back on “traditional wedding expenditures,” like limos, live bands, videographers and wedding albums.
There were a few areas, however, where demand picked up in 2018: event spaces, food and decorations. This points to couples “looking for an experience, not a traditional wedding.”
“The reality is people’s priorities are changing,” McMurray said. “They’re different.”
To see The Wedding Report’s tables on spending in 2018 vs. 2017 visit TheWeddingReport.com.
McMurray attributes the change to two factors.
First, there is what he calls “lifestyle creep”—all the little things that people want or feel they need today that add up and eat into budgets, like that daily latte from the local coffee shop, the latest smartphone, drinks and dinners out with friends, styling and subscription services like Stitch Fix and Rent the Runway, and fees for the premium versions of streaming services like Hulu, Netflix, Spotify, etc.
All of these little things “just keep adding up,” McMurray said.
Second, there’s rising rents, and not just in big cities like New York, Los Angeles or Chicago; McMurray noted that rents in his town, Tucson, are increasing too.
Both these factors have consumers cutting back on “traditional wedding expenditures,” like limos, live bands, videographers and wedding albums.
There were a few areas, however, where demand picked up in 2018: event spaces, food and decorations. This points to couples “looking for an experience, not a traditional wedding.”
“The reality is people’s priorities are changing,” McMurray said. “They’re different.”
To see The Wedding Report’s tables on spending in 2018 vs. 2017 visit TheWeddingReport.com.
More on Surveys
The Latest
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Weekly QuizApr 11, 2024
This Week’s QuizTest your jewelry news knowledge with this seven-question quiz.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
IndependentsApr 15, 2024
Alfred W. DeScenza of DeScenza Diamonds Dies at 95He is remembered by loved ones for his loyalty, integrity, and kindness.
AuctionsApr 15, 2024
Madeleine K. Albright Jewelry, Pins Coming to AuctionHosted by Freeman’s | Hindman, the sale will take place May 7-8.
AuctionsApr 15, 2024
All of Sotheby’s ‘Rough Diamonds’ Sold in Less Than an HourThe auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
Events & AwardsApr 15, 2024
10 Can’t-Miss Sessions at AGS Conclave 2024From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
Recorded WebinarsApr 12, 2024
Watch: What Jewelers Need to Know About InsuranceFrom cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
CollectionsApr 12, 2024
Piece of the Week: Lionheart’s Evil Eye Gemstone CharmThe charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Events & AwardsApr 12, 2024
The Jewelry Symposium Announces 4 Scholarship WinnersAhead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
Policies & IssuesApr 11, 2024
SRK Exports’ Journey Toward Net Zero Impact By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Lab-GrownApr 11, 2024
AGTA Bans Lab-Grown Diamonds, Gemstones at GemFairMembers can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
IndependentsApr 11, 2024
Steven Rosdal, Co-Founder of Hyde Park Jewelers, Dies at 77He is remembered for his charisma, passion, integrity, kindness, and wit.
MajorsApr 11, 2024
Macy’s Opens Books for Possible BuyoutThe retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
CollectionsApr 10, 2024
Sylvie Launches New Nature-Inspired Collection, ‘Tulira’The bridal collection consists of 35 engagement rings and seven wedding bands.
