Post # 1
I was interested by this article on The Knot that says that in a national survery of over 13,000 people the average amount spent on an engagement ring last year is around $6,000.
What do you guys think of that figure, as a national average does it seem high? Low? About right?
Would love to hear your thoughts, thanks! x
Post # 2
It sounds high and seems to follow the typical US/Western tradition of keeping the average person in debt by telling them how important it is to buy certain things.
So many people can’t afford a multi-thousand dollar ring, but buy one anyway with a credit card or loan. Then they pay all kinds of interest on the ring. Their savings account is miniscle if not nonexisitant. It’s basically a way to gaurantee that you start off on a bad foot and are at the mercy of their paycheck….likely for the rest of their life unless they figure out how to change.
My ring was from Gemvera and cost right at or under $2,000, but my husband could easily afford that out of pocket. There are *tons* of very pretty rings for much much less money. But many people can’t bear the chance of being judged that they don’t have real diamonds or an expensive enough ring. It’s silly, sad, and holds so many people back financially in life.
Post # 3
Well, it’s just an average. Those women with rings $15K and up, up, up can really skew things? I dunno, math ain’t my strong suit. But I did a quick add of 800, 1200, 1500, 2000, 14000 and 20000. The average is 6583.
I agree with PP. If you can’t reasonably afford it, it’s wiser not to buy it. Although some people finance in order to build credit, which I have done in the past. But even then I was reasonably certain of my income and ability to live, pay bills and pay debt.
Post # 4
A good amount to spend is whatever you and your partner are comfortable spending, whether that be $50, $5000, $50,000 or anywhere in between.
Post # 5
I think it’s accurate. Most people I know and work with have rings that would retail for $3,000 to $6,000 but were bought pre-owned or deeply discounted for less. So as a national average $6,000 is probably correct. I don’t think someone should go to chain store and max out one of the stores credit cards, but I do think that couples should either go in on rings together or that the person proposing should save up for it. I know that’s what we did, but I have no idea if that’s what most people do.
Post # 6
I feel like the mean average is a pretty useless figure, the mode would probably paint a more realistic picture of what people spend on engagement rings.
Post # 7
I think it depends on a lot of different factors.
Down home country folk like me wouldn’t ever spend that amount on a ring but someone in a different region in a different socioeconomic class probably would.
I think $1k – $2k would be the average where I’m at.
Post # 8
I agree with alybetter- this number is probably skewed toward the top. People who are spending 10’s of thousands of dollars on their ring result in that number. My guess is the majority is below 3 or 4 thousand.
I once heard that engagement rings were supposed to cost 2-3 months salary because if the husband died at war, the wife could sell it and live off of that for a few months. It was kind of an insurance policy! Just an interesting tidbit!
Post # 9
That amount or more may be an appropriate amount to spend for some people reading here, but for the national average, it does not even seem close. Could be that people who can’t afford it don’t get married or post on wedding sites dedicated to traditional weddings at all, which skews the figure higher.
And consider that the source is not impartial either. Sites like the Knot are dedicated to promoting their vendors and the whole idea of a big, expensive wedding and engagement experience.
Post # 10
I think it seems low, but then again it depends where youre from and the circle you associate with.
Also remember, this was a survey – people may not always be truthful and the facilitaor is a wedding site that makes their money off vendors and advertisements.
I never really understood surveys like these. I have a very nice ring which I love, but I would never disclose the price of my ring or any other item I own – survey or not.
Post # 11
abouttodoit17 : I’d really like to see the median number!
Nationwide averages for housing, rings, salaries and the rest are always skewed by the extremes.
I also wonder how this study was conducted. At a bridal show? Through jewelers (who may not consider the non-diamond rings e-rings)? As part of a contest to win a fancy set of soup bowls? Was the answer a write-in or check boxes? Was $0 even an option?
The Knot clearly has a vested interest in the wedding-industrial complex. Plenty of people go to courthouses and put simple bands on and call it a day.
Post # 12
tiffy127 : I agree. I think people who buy their rings at jewelry chain stores get ripped off. We bought my ring at one and we thought we got an amazing deal but we couldn’t even get half of what we paid if we were to sell it.
i wish I would have looked into antique rings when we got engaged. I didn’t know much about preloved rings back then. But they do give you more bang for your buck and a neat history.
Post # 13
laurarose11 : That sounds about right to me. But it also sounds ridiculous to me–what are we all doing with our lives? No matter how much money you have to spend–why are we spending so much of it on material items like super-overpriced engagement rings? Diamonds aren’t even rare. It’s a marketing scheme.
Post # 14
The social circle Fiance and I hang out with tend to spend $20k+ on a diamond ring because a lot of them come from old money (he went to private uni on a full scholarship but obvs there’s others whose parents can easily afford it). Fiance spend right around $3k for mine and I feel like at the time I felt a little pressured to spend more than a grand. I’ve now come to realize I don’t even wear my ring that often (just not that type of person). I absolutely adore my ring but I believe if I hadn’t been so caught up with societal pressures I would’ve just gotten a plain band or something. But personally to me I thought $6k sounded low just because of the people around me.
Post # 15
- Wedding: October 2019 - Chateau Lake Louise
laurarose11 : The Knot is a website dedicated to promoting and inflating the wedding fantasy industry. It is inherently in their interest to make people believe that the “norm” is to spend a huge ton of money on all wedding-related things.
It would be impossible to conduct an accurate study for something like this. The pool of respondents are people looking at The Knot. That might not be the most representative sample for the entire country. It’s likely to be people who are planning a more elaborate or costly wedding. Additionally, people who paid significantly less might be disinclined to admit that, feeling a sense of shame conferred upon them by retail jewelers and peddlers of bridal whatnot. And like others have said, the top tier spenders really skew that number.
Even dismissing the dubious nature of the methods and motives of the source, I’m pretty sure if the information was presented as a dot plot that shows the frequency of purchases of a certain cost, we’d get a very different picture.