New York–No matter which report you put more stock in, it’s good news for jewelers: The average amount consumers are spending on their engagement ring in the United States continues to rise.
Recently, wedding planning website The Knot released the results of its 2016 Real Weddings Study in which the company surveyed some 13,000 couples who got married last year to chart the financial spending habits and trends of real weddings in America.
When it comes to the cost of an engagement ring, the survey found that the average spend in the U.S. rose from $5,871 in 2015 to an average of $6,163 last year, an increase of 5 percent.
The Knot said in a press release that survey respondents represent a variety of ethnicities, and educational and income levels and are geographically dispersed across the country. But the company did not respond to a request for more specific information about the survey demographics by press time.
The Knot draws from its own membership for the survey.
Meanwhile, The Wedding Report, a research company that tracks and forecasts spending in the wedding industry, has released a different set of numbers, saying that the average amount consumers spent on their engagement ring rose slightly last year, from $3,386 in 2015 to $3,407 in 2016.
The report also noted that spend on the wedding band is down slightly, decreasing less than 1 percent to $1,242.
The Wedding Report draws on a geographically and demographically diverse crowd, including multiple ethnicities, education levels, occupation types, income levels, marriage number and participants 16 and over, though specific demographics of the participants were not given to National Jeweler.
Both The Knot’s survey and data from The Wedding Report also found that the average cost of weddings is increasing.
According to The Knot’s 2016 Real Weddings Study, the average cost has reached an all-time high at $35,329, up from $32,641 in 2015.
The Wedding Report’s data showed an increase that was less pronounced and a lower total overall, from $26,645 in 2015 to $26,720 last year.
Not surprisingly, the most expensive place to get married in the country is Manhattan, where couples spend a whopping $78,464 on average on their big day, according to The Knot.
In fact, four of the five most expensive places across the country are located in the New York metro area: Manhattan, Long Island, north/central New Jersey and the outer boroughs of New York City. Coming in at fifth on the list was another major metro area, Chicago.
So, what’s behind the increase in cost of weddings these days?
The Knot found that couples are putting more focus on their guests’ experiences at the event. They are decreasing the number of guests but spending more per guest overall as brides and grooms aim to provide tailored entertainment and special amenities.
The spend on custom entertainment for guests has more than tripled from 11 percent in 2009 to 41 percent last year, with photo booths, games, musical performances and fireworks topping the list, The Knot said.
News Source : nationaljeweler.com
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.