Surveys

Engagement Ring Spending Flatlined in 2018, Survey Shows

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.
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

SourcingAug 05, 2022
Rare Earth Mining Co.’s Bill Heher Dies at 72

The passionate gem lover helped bring more than 300 different varieties of stones to the gem trade.

TrendsAug 05, 2022
Piece of the Week: Storrow Jewelry’s ‘Emblem Rosa’ Charm

The brand has attracted attention for its colorful, vintage-inspired pieces.

MajorsAug 05, 2022
Former Nike Executive Joins Team at David Yurman

Marcelo Tau is the company’s new chief operations officer.

Brought to you by
The American Mined™ Collection: Ethical Sourcing That Matters

Rio Grande provides a pathway to responsibly sourced gemstones.

Policies & IssuesAug 05, 2022
Satta Matturi Joins RJC Board

The jewelry designer founded her eponymous brand in 2015 after nearly two decades in the diamond industry.

Weekly QuizAug 04, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
Supplier BulletinAug 04, 2022
Unusual Jewelry Finds Eager Buyers In Online Auctions

Sponsored by HiBid

WatchesAug 04, 2022
4 Takeaways from Chrono24’s Analysis of the Luxury Watch Market

The watch seller comments on future demand, how the crypto crash impacted Rolex and Patek Philippe pricing, the supply recovery, and more.

Brought to you by
Knowledge and Skills for Today’s Hot Topics

From laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.

CollectionsAug 04, 2022
The Rest of De Beers’ 2022 High Jewelry Collection Is Here

It features fives sets of jewelry.

Lab-GrownAug 04, 2022
Lab-Grown Diamond Co. Plasmability Partners with HRA Group

Through the collaboration, HRA will exclusively cut, polish, and distribute Plasmability’s lab-grown diamonds in the market.

IndependentsAug 04, 2022
TJA to Offer ‘Texas Tours’ at Upcoming Round-Up Event

They include a tour of a museum’s gem collection and demonstrations of diamond cutting and polishing.

TechnologyAug 03, 2022
Tiffany Introduces CryptoPunk NFT Pendants

The limited-edition pendants, available in digital and physical form, retail for $50,000 and are exclusive to holders of CryptoPunks NFTs.

AuctionsAug 03, 2022
Elvis and Colonel Tom Parker’s ‘Lost’ Jewelry Coming to Auction

The sale includes pieces “The King” gifted to his longtime manager, as well as jewelry Elvis owned and wore on stage.

WatchesAug 03, 2022
Breitling’s Latest Ambassador Is an NFL Star

Trevor Lawrence is the quarterback for the Jacksonville Jaguars.

SourcingAug 03, 2022
Gembridge Launches Reseller Program for Colored Stones and Jewelry

It gives trade members full access to its catalog of products so they can sell listings on their own online platforms.

IndependentsAug 03, 2022
Day’s Jewelers Announces New VP of Merchandising

Julie Collins succeeds Kathy Corey in the role.

ColumnistsAug 02, 2022
Why Passing on Lab-Grown Diamonds Might Be a Risky Bet

Retailers would be wise to embrace this growing segment of the market instead of shunning it, Peter Smith writes.

SourcingAug 02, 2022
AGTA Names John Ford as Its New CEO

He’s the owner of The Lightning Ridge Collection but will pivot to focus on his new role.

TrendsAug 02, 2022
Marvel Debuts Gem-Set Infinity Gauntlet

East Continental Gems provided more than 150 carats of gemstones for the project.

TrendsAug 01, 2022
Amanda’s Style File: Peridot That Pops

To kick off August, Amanda Gizzi is sharing jewelry featuring the month’s OG birthstone.

CrimeAug 01, 2022
Joseph DuMouchelle Sentenced to 12 Years Behind Bars in $12M Fraud

The Michigan auctioneer and appraiser also has to pay restitution totaling $25 million for other victims of his fraud scheme.

MajorsAug 01, 2022
GIA Appoints First Vice President of Sustainability Programs

Johanna Levy will oversee the environmental, social, and governance programs.

EditorsJul 29, 2022
The Jewelry Industry Remembers Castro: A Complicated, Magical Designer

Before his sudden death last week, the designer had reached new creative heights.

SourcingJul 29, 2022
De Beers Sales Rise 23% YOY in July

Despite unusually high summertime sales, the company’s CEO said the industry remains “watchful.”

MajorsJul 29, 2022
Jewelers of America Elects 4 New Directors to Board

Joseph Corey, Krystle Craycraft, Sue Hopeman, and Sherry Smith will each serve three-year terms on the board.

TrendsJul 29, 2022
Piece of the Week: Zahn-Z Jewelry’s ‘Gem Pop’ Ring

A lab-grown ruby makes the perfect nostalgic treat.

Supplier BulletinJul 28, 2022
Local Jewelry Dealers Use Online Auctions To Find Bidders Worldwide

Sponsored by HiBid

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy