New research into average UK spend on engagement rings has revealed a dramatic turnaround in how much Britons are willing to pay. Couples that have popped the question in the last year are spending nearly double the amount that was being spent in the previous year. The year that brought us Brexit saw Brits’ spending habits leaning on the more conservative side, with the average engagement ring spend coming in at £785.
Last year, Protect Your Bubble published a report into how much UK couples are spending on engagement rings and found that Brits were spending 19% less on rings than couples were five years ago.
Despite pricier engagement rings enjoying a bit of a revival, the tradition of spending three-months’ wages on the ring seems to be completely outdated now, with Brits forking out less than three quarters (-78%) of that on average. On the whole though, the choice of the ring remains key to the proposal with a third of us saying it’s the most important aspect of a proposal. Piling on the pressure, one in nine Brits say they would turn down their other half if the proposal setting wasn’t perfect.
Furthermore, it seems as though the pressure is still on men to offer up a rock at the right time with only 2% of women saying they would propose to their partner.
This hefty increase in the amount that Brits are willing to spend on engagement rings could be a sign that consumer confidence is finally returning to the luxury goods market.
James Brown, director of jewellery insurance provider Protect Your Bubble, comments:
“No matter what your budget is though, our research shows that there is still pressure on couples to pop the question with the perfect ring, with a third of us saying that it’s the most important part of the proposal.
“If Brits still followed the three months wages rule, it would have us spending over £6,000 on average for a ring, so it’s no surprise that the tradition has become somewhat outdated.
“When spending an average £1,483, that’s a lot of ring to lose or have stolen. It’s worth taking out some form of insurance on your jewellery, even though it’s just the physical value you’re replacing.”
The increase will certainly come as welcome news to the jewellery industry, which will have felt the pinch following the Brexit referendum.