How much to spend on an engagement ring? The perfect engagement ring. For something so tiny, it sure is a big deal. At least we think so. That’s why we put together Australia’s Biggest Engagement Ring Survey to find out once and for all exactly what is spent on engagement rings so we can help you decide what’s the perfect amount for you.
We asked lots of questions on how Aussies spend their time, effort and hard-earned-cash on the one ring to rule them all. Did you stick to the 3-months’-salary rule when buying your engagement ring? Did you go with a diamond or something else?
The Engagement Ring of Choice in 2019
First up let’s get the low down on what style engagement ring people are buying. But before we do that, we need to tell you that 80% of proposals are with the real ring. Though, there are many ways to go about this.
Everybody Loves Diamonds
By far the largest percentage, 82% in fact, of engagement rings are diamond. Second place goes to sapphire, followed by synthetic stones.
Morganite is a relative newcomer to the scene, gaining popularity in the past two years. The results confirm this with 2% of engagement rings having a morganite stone.
In total the survey recorded over 50 different stones. Proving there isn’t any rules determining what stone must go into an engagement ring.
Did Yours Make The Cut?
Gosh with over 30 different stone cuts where do we start! The timelessness of a brilliant round cut diamond wins hands down making up 47% of modern stones for engagement rings. It’s interesting to note, this is down from 65% 10 years ago. Modern stones are tending towards the large variety of new cuts.
Princess cut diamonds are twice as popular now compared with 10 years ago.
While the volume is small it stood out to me, it’s common to have a cluster of stones or put 3-6 stones together in the formation of a traditional cut.
What Metal For the Band?
There’s many metals available for engagement ring settings. Survey respondents blew us away recording over 20 types of metals.
The three most common are, white gold, yellow gold and platinum. There’s also a fourth called two toned which is white and yellow gold combined.
White gold is currently the most popular option for engagement ring settings, beating yellow gold by 100%. In comparison, platinum (9%) and two toned (5%) rings are a very small percentage of the total.
If you’re chasing something more unique then a two toned ring might be the answer you’re looking for.
Drum roll please! Diamond with white gold setting wins the race with 49% of the purchases. Yellow gold comes in second with half that amount, securing 25% of the market.
Diamond with white or yellow gold total more than all others combined. So choose, one of these and you can’t go wrong.
The most popular ring style in the past two years is the ‘HALO’ which is a definite change from 10 years ago.
What is Halo style ring? H4
A Halo style ring has stones around a larger middle stone. Most diamond cuts come in a Halo style and it’s proven to be very popular in 2019.
Centre stone with small diamond side stones comes second. And is often preferred with a diamond wedding to complete the look.
Closely followed by the classic solitaire ring. By definition, a solitaire has one centre stone only a plain metal band. A solitaire engagement is the most timeless engagement ring style. We’re pretty sure it’ll never go out of fashion.
Three stone rings make up 7.5% of engagement ring purchases.
Is It All About Size?
There are is an even spread of sizes from under 0.5 ct – 1.2ct. 55% of all engagement rings Under 0.5ct – 0.90ct. With 16% off engagement rings are over 1.2ct.
People are buying larger diamonds in 2019 than they did 10 years ago. With twice as many people buying greater than 1ct diamond in the past two years when compared with 10 years ago.
Most Important Criteria When Choosing An Engagement Ring
Almost half of the survey respondents said ring design was the most important criteria when buying their engagement ring. Price (20%) and quality (24%) were also important considerations behind quality.
Update or Upgrade?
Updating and upgrading engagement rings is becoming more common. 7% of respondents reporting they’ve updated or upgraded since marrying. We must keep in mind not all survey respondents are married as many were newly engaged so this figure is higher in reality.
We Have The Goss On Proposals
Of the men survey, they delivered the overwhelming volume of proposals, 85% in fact!
Of the women survey, they delivered the overwhelming volume of proposals, 10% of the time.
What we found interesting is that 5% of the total respondents, being either a man or a women, said the proposal was a mutual decision.
(Yes, we know there’s numbers don’t add up to 100% but trust me when I tell you it’s ok).
Take the previous stat and combine it with this one. Even tough men propose more by a country mile, couple discuss the ring details before buying the ring. Which means, one of two things:
1. Women know about the ring design before the proposal and mutually decided to get engaged or then left the man to propose as a surprise when it suited him.
2. Rings are being purchased after the proposal (and we know this only happens 20% of time).
Seems the partners are letting their other halves know exactly what they want for an engagement ring. And then leaving in our case, the men propose in the ‘old fashioned’ way.
The Buying Process
Visiting jewellers in person is more common than not with 84% visiting at least one jeweller. People don’t take the decision of buying an engagement ring lightly. 20% of people visit four or more jewellers before deciding on the perfect ring for them.
The amount spent on engagement ring increases as the purchaser does more research. Though the relationship between the two isn’t that strong. This may also point towards those wanting to spend more in the first place being more likely to ensure their money is well spent by doing more research. Research time may relate to choosing a ring style as opposed to price.
So What Is Spent On Engagement Rings In 2019?
Now let’s get down to the nuts and bolts of this survey and talk about the money. First up, we should start with the question of budgets. Most people, had a budget in mind when they set out to buy an engagement ring. Of the people had a budget 77% stuck to their planned budget during the process.
“According to Australia’s Biggest Engagement Ring Survey the average spent on an engagement ring in 2019 is $5297.50 compared to $2579.65 10 years ago.”
A total of 4% of survey respondents spent over $20,000 on their engagement ring! 1.5% spent over $25,000.
The Engagement Ring Salary Rule
Engagement rings are new purchased 88% of the time. It warms our heart, inherited engagement rings make up 3.4% of total.
It seems while everybody is aware of the engagement ring salary rule. 20% of people think the rule is to spend 1 month salary on an engagement ring. To our surprise, 70% of people think it’s a 3 month salary rule.
What’s interesting though is that 72% of people completely ignored any rule when purchasing their engagement ring.
It’s not a safe assumption that the man or partner always pays for the engagement ring. 20% of time both people are contributing to the cost their engagement ring.
We love that of these 20% where couples pay for their ring together. The partner still proposes 72% of the time.
Which could mean a few things:
1. Rings are being purchased after the proposal (and we know this only happens 20% of time).
2. The engagement is discussed before the proposal both partners contribute financially to the ring. We know couples also talk about the ring design prior sometimes. And then the partner proposes at a later date.
3. Some couples decide mutually to get engaged.
Ring Cost v Income
There is a small but reliable relationship between income and ring price. Picking through the data there are some individual cases highlighting specific outliers. Some people on low incomes save and spend more than the average while others on a higher income spend less than their peers.
Have You Considered Insurance?
Insurance becomes more common place as the engagement ring price increases. A total of 47% of couples take out insurance.
Happy Happy Happy
The great news is most people are happy or very happy with their engagement ring no matter how much it cost. The cut of the stone in the engagement ring has no influence on happiness levels. People with diamond engagement rings are 8% more happy than those with another stone type.
Overall 80% of people are happy or very happy with their ring. The process of buying an engagement doesn’t have to be difficult. But, it is one of lifes big purchases and it doesn’t usually take 5 mins. Well done the people doing the choosing; you’re listening, researching and doing a great job!
It’s safe to say this survey has shown there are no rules. There are some popular style and stone type and shape choices. And as we’ve seen from these results, some people spend a lot of money, others don’t. The range of stone sizes varies across the board.
If you’re thinking about popping the question. Be informed, entertained and intrigued by reading Australia’s Biggest Engagement Ring Survey results. Listen to your partners hints and suggestions. We can almost guarantee they’ll be dropping some. Consider your priorities and budget and then go ahead and buy the perfect engagement for you and your partner. As long as you love it and you do your best to ensure they love it, you can’t go wrong.