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US Engagement-Ring Spending Flat at $3.4K

Second-quarter outlay barely changed from first quarter.
Aug 14, 2017 7:32 AM   By Rapaport News
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RAPAPORT...
The amount US couples spent on wedding and engagement rings went largely unchanged in the second quarter, according to data The Wedding Report released Sunday.

The average outlay on engagement rings slipped 0.2% to $3,399 in the second quarter, from $3,406 in the first quarter, the research group said.

Meanwhile, the average spend on women’s wedding rings declined 0.4% to $782, the survey showed. Customers paid an average of $455 for men’s wedding bands, a drop of 0.2% from the first quarter.

The average total for a wedding also remained steady in the second quarter, down by only $1 at $25,960.

“While average spending for most items remained flat, couples continue to spend less on services such as photography, video and planning,” The Wedding Report said. “Only entertainment, invitations, and event location saw some increase in spending. This means that couples will continue to be price-sensitive to products and services that feel relatively the same from business to business.”

The research group based its report on survey answers from 2,412 couples between April 1 and June 30.

The Wedding Report’s findings contrast with figures from online wedding resource The Knot, which have pointed to a continued upward trend in engagement ring prices. The Knot’s Real Weddings Study showed an average spend of $6,163 on engagement rings in 2016 — up from $5,871 in 2015 — based on a survey of its members.
Tags: Diamond prices, engagement rings, Rapaport News, retail, The Knot, The Wedding Report, wedding rings
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