If you’re planning on popping the question – this could prove to be a useful guide
A new study has revealed how much the average Brit spends on an engagement ring – with splits across age, region and income bracket throwing up some interesting results.
With the Google searches for ‘how much should you spend on an engagement ring’ increasing by +950 per cent, jeweller, DiamondsByMe has conducted a study to determine the average cost of an engagement ring across the UK.
The study revealed that the average Brit spends a whopping £1,630 on an engagement ring for their significant other. However, when factoring in age, it appears younger lovebirds spend more on their rings for their partners.
Older generations tend to spend less on rings for their partner. This could be due to less pressure from social media, as advertisements potentially influence younger generations who spend more time on their mobile phones and laptops.
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Looking at how the costs differ across both women and men, the study revealed men spend more on engagement rings. They spend circa £300 (£297) more on rings, with an average of £1,730 on the ring for their partner, while women spend around £1,433.
Sheffield spends the most on engagement rings
People from Sheffield are the ones who spend the most on engagement rings, spending on average £2,420 on a ring for their loved one. Sheffield even beats London, where they spend on average £1,977, which is a near £450 difference when compared to Sheffield. Bristol takes the third spot, spending £1,814 on an engagement ring.
The cities that spend most on engagement rings are:
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How much money people spend on an engagement ring based on their salary
Moving onto salaries, how much people earn does play a role in terms of spending on engagement rings with people earning £70,000+ spending roughly £4,200, while earners of £60,000+ spend around £800 less at an average cost of £3,400.
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Tips on saving money when looking for the perfect engagement ring:
With the ongoing cost of living crisis in the UK, many are being more frugal with their spending, and more people will look to get some great deals. Linda Deng from DiamondsByMe reveals that there are several things to take into consideration – all of which affect the price.
- The diamond: Rather than buying the biggest diamond, look to reduce the carat just below the round number. You can easily save 15-20 per cent on diamonds by purchasing an unrounded number or buying a slightly lower weight.Diamonds’ colour, or rather the lack of colour, is measured from a chart ranging from D to Z, where D is ‘colourless’ and Z has a more yellowish tint to it. Compromising the colour could be a good solution, as many people will not be able to see the colour grades without other higher-grade diamonds next to them. Another thing worth noting is that a stone with less clarity is cheaper than one which is on the top level of the scale, although inclusions in diamonds can be noticed.
- Lab-grown diamond: A lab-grown diamond is grown inside a lab by using new technology, making the lab-grown diamond look the same in terms of physical appearance. It’s even chemically like natural diamonds. The lab-grown diamond can be as much as 50 per cent cheaper than a natural diamond!
- Choosing a deceptive setting: Choosing a deceptive setting can help your budget. It is the diamond that will cost you the most, and so with a deceptive setting, you are able to go for a smaller diamond, as the deceptive setting creates an optically enhanced perception of the diamond.
- Shape: Round diamonds are most in demand and are also more expensive than other shapes due to this. Opting for a different shape (cushion, pear, oval and more) could bring down the price of your ring. Round-cut diamonds are the most popular today, which makes them the most expensive out of all the shapes. A round diamond can cost as much as +/- 30 per cent more than a similar fancy-shaped diamond.
Regardless of whether you’re just doing some research prior to buying a ring, or having a dreamy look at future rings, it’s important you spend what feels right to you. To read more about the study, visit DiamondsByMe’s blog post here.
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