The amount Moneywise.co.uk users spend on engagement rings has fallen again this year, our latest poll results reveal.
With Valentine’s Day this month, we asked how much did you/would you spend on an engagement ring?
Most people (43%) selected the £100 to £1,000 option – an increase from the 36% who selected this in our 2017 poll, and up from the 41% who spent this amount in 2016.
Meanwhile, fewer people are spending more than £1,000. Our 2018 poll reveals that 37% of people spent more than £1,000. This is broken down into 19% who spent £1,001 to £2,000, and 18% spent £2,001 plus.
In comparison, nearly half of people (47%) who answered our 2017 and 2016 poll spent more than £1,000. In 2017, this was broken down into 22% who spent between £1,001 and £2,000 in 2017, and a quarter of people (25%) who spent £2,001. While in 2016, the split was 21% on rings worth £1,000 to £2,000 and 26% who spend £2,001 plus.
However, fewer people spent under £100 on a ring this year at 15% compared to 17% last year, although this was still up on the 12% in 2016.
Of course, we do appreciate that monetary values have changed over time, with one reader commenting: "Pity you didn't ask when [the ring was bought] mine was £7 10 shillings or £7.50. But that was in 1963 and was equal to two week's wages."
According to tradition, suitors should spend three month’s wages on a ring for their beloved.
See the full 2018, 2017 and 2016 poll results below.