Industry News by Nemesis

Engagement-Ring Prices Stable at $3.4K

June 12, 2017

The price of engagement and wedding rings in the US hasn’t changed much since last year, according to data that research group The Wedding Report released Monday.

The average groom spent $3,406 on a ring for the proposal during the first three months of 2017, compared with an average of $3,407 in 2016 as a whole, the data showed. Wedding rings for the bride cost $786 on average, versus $785 throughout 2016, while the price of men’s wedding bands was stable at $456. 

Weddings in general were less expensive during the quarter, with overall costs down 2.8% to $26,720. The organization attributed the decline to lower demand for transportation, entertainment and beauty services, as couples increasingly seek non-traditional options. 

The group based its report on survey answers from 3,401 couples who either got married or spent money on an upcoming wedding between January and March. 

The figures contrast with those The Knot published in February, which showed a much higher spending average for engagement rings in the US during 2016: $6,163, a 5% increase over the previous year. The wedding-resource site surveyed nearly 13,000 US couples recruited from its online membership.

 

Source: Rapaport

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