It seems money is in the air as well as love, with the amount couples are splashing out on engagement rings almost doubling over the past year.
According to research from Protect Your Bubble, loved-up Brits are spending an average £1,483 on engagement rings, up by 89%, to secure their loved one’s hand in marriage. Last year, the average spend was a more humble £785. This figure was also down 19% over the previous years, with Brexit blamed for damaging consumer confidence.
With only 2% of women prepared to pop the question, the pressure is certainly on men to do the deed and, with a third (32.6%) of Brits thinking the ring is the most important part of the proposal, it’s tempting to splash the cash. In fact, one in nine (11.3%) Brits says that if the proposal isn’t perfect they’ll say no.
At least the old-fashioned tradition of spending three month’s salary seems to have gone out of the window, with the current spend still 78% less than average earnings over that period.
James Brown, director of jewellery insurance provider Protect Your Bubble, says: “This hefty increase in the amount that Brits are willing to spend on engagement rings could be a sign that consumer confidence is finally returning to the luxury goods market. This increase will certainly come as welcome news to the jewellery industry, which will have felt the pinch following the Brexit referendum.
He adds: “If Brits still followed the three months’ wages rule, it would have us spending over £6,000 on average for a ring, so it’s no surprise that the tradition has become somewhat outdated.
“When spending an average £1,483, that’s a lot of ring to lose or have stolen. It’s worth taking out some form of insurance on your jewellery, even though it’s just the physical value you’re replacing.”