Average DER Spend Hits Almost $6,000 According to The Knot

(IDEX Online News) – Spending on engagement rings is on the rise, according to the latest survey from wedding resource The Knot. The Knot 2015 Jewelry & Engagement Study concluded that the average engagement ring spend reached an all-time high of $5,978, up from $5,403 in 2013 and $5,095 in 2011.

"With engagement ring spend on the rise, we're seeing men put more thought, time and energy into buying the perfect ring and creating a more memorable proposal," said Kellie Gould, editor in chief of The Knot. “More brides than ever are researching what they want in a ring and dropping hints to their husband-to-be.”

Other key findings from the survey include:

·         Diamonds are Top Stone Choice: Although diamonds are still the top engagement ring stone choice (63% received a diamond center stone with side stones and/or accents, and 21% received a diamond solitaire), 8% received a non-diamond precious stone engagement ring, up from 6% in 2013.

·         Rounds Continue to Dominate: The halo setting has tripled in popularity from 7 percent in 2011 to 22 percent in 2015. The most popular diamond cut is round (49% received this shape), followed by princess (22%), then cushion (6%). Nearly 3 in 4 women (74%) received a ring weighing in at 0.5-2 carats, and 45 percent received a ring with a stone weighing 1 carat or more.

·         Quality Trumps Size: Eighty-five percent of men would rather buy a smaller, better quality diamond than a larger stone of lesser quality. Fifty-seven percent of brides admit that they'd rather have a smaller, better quality diamond than a larger stone of lesser quality. Additionally, brides want to stand out, with 33 percent saying they'd prefer a different shape stone than the traditional (and most popular) round shape.

·         Customization is Key: Whether they completely designed the ring with a jeweler or made custom changes to an existing design, 45 percent of men are choosing to add personal elements to the engagement ring. Eighty-six percent of brides received a new ring, 11 percent an heirloom and 3 percent a vintage piece.

·         Comfort Tops Wedding Band Choice for Men: Having a comfortable fit is the top priority (28%) for grooms when choosing a wedding band, while showing off a band with diamonds is essential (46%) for brides. Women prefer a white gold (68%) wedding band above all, while men like a variety of metals including tungsten (30%), white gold (27%), yellow gold (12%) and titanium (12%). Couples spend an average of $1,417 on her wedding band (up from $1,126 in 2011) and $558 on his band (up from $491 in 2011).

·         The Importance of Research: Sixty-seven percent of brides began researching rings before getting engaged, using their mobile devices to browse ring styles (43%), share ring ideas with their fiancé (35%) and research ring designers or retailers (29%). Eighty percent of men said their partner dropped hints (71% of women admitted doing this). Of the hints they dropped, 51% of women pointed out styles while shopping, 36% told him outright what they wanted and 11% left ads or pictures lying around.

·         Shopping Around Pays Off: Men say it took an average of 4.8 months to research and 3.6 months to find the perfect engagement ring. They also visited five retailers and looked at an average of 25 rings before purchasing "the one."