The survey reveals that grooms are spending less on wedding ring purchases than they were in 2008. The average was $5,800.00 in 2008 and is now just under $5,200.00. I find this interesting as the cost of gold and other precious metals has been on the rise. The survey has some interesting statistics such as the luxury engagement rings avering $13,500.00 and 39% of the grooms bought from local jewelers, 35% from national chains and 9% from online retailers.
The National Jeweler reports on the survey
New York--Grooms-to-be are spending less on engagement rings, from $5,800 in 2008 to just under $5,200 this year, according to the 2011 Engagement & Jewelry Statistics, a report released by XO Group Inc., TheKnot.com and WeddingChannel.com that tracks the $11 billion engagement ring and wedding jewelry market.
Despite the statistic, only 14 percent of grooms claimed to have downsized on the ring due to the economic climate, and one in four grooms claimed to have spent more than he originally budgeted.
“Jewelry is a significant part of the wedding experience,” Kristyn Clement, senior director of The Knot Market Intelligence at XO Group, Inc., said, adding that the report aims to help retailers “better understand the decision-making process of today’s brides and grooms when it comes to the engagement ring.”
Luxury engagement rings averaged $13,500, although only 12 percent of luxury ring couples spent more than $8,000 on the ring.
“Nationwide, the luxury segment tends to be older, lives in the Northeast and is more traditional,” the report states, adding that 59 percent of luxury grooms incorporate custom design elements into the ring.
Approximately two in five grooms (39 percent) purchased at least part of an engagement ring from a local or independent jeweler, while one in three (35 percent) went to a national jewelry chain. One out of 10 grooms (9 percent) bought from an online retailer.
“The majority of brides are at least somewhat involved in the ring selection (65 percent), with nearly a third ‘very involved’--that is, they shopped for and/or purchased the ring with their groom,” the report states. “Additionally, 21 percent of brides will actually visit a retailer in-person with her fiancé.”
Additionally, women aren’t the only ones wearing engagement rings: 5 percent of men are opting to wear a “man-gagement” ring along with the bride.
The 2011 Engagement & Jewelry Statistics from The Knot Market Intelligence, a research division of XO Group Inc., polled more than 10,000 brides and 1,000 grooms of mixed ethnicities, education and income levels across 50 states. The respondents were 18 and older and all became engaged in 2011.
To read the National Jeweler article, click HERE.
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