Engagement ring: what budget?
Buying a ring as a gift is already an emotional act, but when it comes to an engagement ring the burden is even higher. It is in fact a symbol of love and affection, a proof of one's commitment to a relationship. How to reflect all this in the budget allocated to the engagement ring ?
We now have some answers, thanks to a study by Morning Consult. In the United States, Americans planning to get married allocate an average budget of two weeks' salary to buy an engagement ring, or 4% of their annual pre-tax salary , according to an online survey of 1,640 respondents.
How much for an engagement ring?
Morning Consult asked a national sample when they got engaged, how much they earned when it happened and how much they paid for the ring they gave their bride. Prices were adjusted for inflation based on the dates provided, while any bundled purchase with the wedding ring was deducted.
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The budget allocated to the engagement ring is of course dependent on the suitor's income , but it is remarkably stable in terms of percentage of income. There is one exception to this trend for the lowest income earners (under $23,000 per year), who spent an average of 2.2 months of salary on the engagement ring, or 16.7% of their annual income. For the rest, the budget allocated is between 3 and 4% .
Very different budgets for such a ring
However, the budget for an engagement ring can vary greatly from person to person. Seven respondents reported spending more than $10,000 (and among celebrities, it's not uncommon for the bill to be several hundred thousand dollars). The average, however, was $1,900 , with most engagement rings falling in the $500 to $3,000 price range. Generational differences did not make a difference.
Other surveys have found higher numbers. The average engagement ring price is $5,000, according to the Newlywed survey. In a 2017 survey , The Knot reported an average price of $6,351. And in a study by an independent wedding company, the median cost was $1,830 in 2018.
Despite these disparities, there is one lesson to be learned from this study: the rule of three months' salary for an engagement ring budget (which originated in cleverly orchestrated marketing campaigns) is an illusion.
3 months salary? A rule invented by advertisers
However, according to Amanda Gizzi, a spokeswoman for the American Jewelers Association, no one in the jewelry industry talks about this rule anymore. However, she has noticed a change in behavior when it comes to buying an engagement ring . Today, couples communicate more about it. They don't hesitate to go to jewelry stores together, discuss the choice of ring and the budget .
Cheaper rings aren't necessarily a bad thing for jewelry stores. Even big brands offer cheap rings to attract new customers who can then move on to more expensive luxury jewelry when their purchasing power increases.
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And finally, it's not the price of the ring that matters, but the feelings that go with it. As Gizzi notes, it's a very personal gift. " Your budget is your budget, you don't have to feel bad if your engagement ring didn't cost a fortune. "
A luxury and inexpensive engagement ring? Why not a quality second-hand ring?
Miller jewelry in Paris specializes in second-hand and antique jewelry. We have engagement rings from the biggest brands, in perfect condition and at very attractive prices. Choosing second-hand for an engagement ring means being able to offer a superior quality product for the same budget. Our rings are certified and refurbished. Cartier, Hermès, Dinh Van, Dior, Boucheron, Pomellato… We constantly have in stock second-hand rings from the best-known brands and more confidential houses, at all prices (especially under €1000) to help you find the perfect engagement ring.
