Thinking of popping the question? We got the data from Australia’s biggest engagement ring study – find out much Australia spends. How much should you spend on an engagement ring? While social media and celebrity engagements showcase massive sparklers, that’s all well and good for those with a cool $1 million to spend… what we really want to know is, how much the does the average Australian spend on an engagement ring? We put together Australia’s Biggest Engagement Ring Survey to get all the details. We asked how much people spent on their engagement rings, which style of engagement rings are the most popular, who’s popping the question, and how happy people are with the ring on their finger. Take a look at all the results of our epic survey and find out how Aussies spend their time, effort and hard-earned cash hunting down the one ring to rule them all. Engagement Ring Styles When it comes to engagement ring styles, there are so many options out there – from stunning solitaire rings to classic halo styles and custom designs. We set out to get the low-down on just what people are buying and compare this to the most popular styles from ten years ago. Everybody Loves Diamonds (Well, Almost Everybody) Not surprisingly, diamond engagement rings remain the most popular choice for engaged couples. We found 80% of engagement rings feature a diamond, while sapphire is the second most popular stone. Morganite is a relative newcomer when it comes to engagement rings, but has been gaining popularity in the past two years. The results confirm this with 2% of engagement rings featuring a morganite stone. In total, our survey recorded over 50 different stones. This just goes to show there aren’t any rules when it comes to choosing the perfect engagement ring. One Cut Above The Rest – Brilliant Round When it comes to the style of cut, the timelessness of a brilliant round cut diamond was the clear winner, making up 47% of modern stones. What’s interesting, however, is that this is down from 65% about 10 years ago. It goes to show that people are embracing a larger variety of stone cuts. In fact, princess cut diamonds are twice as popular now than 10 years ago. And the survey also showed a small number of people are choosing to forgo a large central stone for a cluster of smaller stones placed together to mimic a traditional cut diamond. This is a great way to make the most of your budget and maximise the sparkle factor. We also found people are buying larger diamonds now than they did previously. Twice as many people had bought a one-carat diamond or larger over the past two years, compared to 10 years ago. Overall, there was an even mix of stone sizes mentioned in the survey with 55% of engagement rings containing stones between 0.5 carats and 0.90 carats. At the other end, there were 16% of engagement rings with a stone larger than 1.2 carats. For the ring itself, our survey recorded a staggering 20 different types of metal. The three most common were white gold (49%), yellow gold (30%) and platinum (9%). Two-toned, a combination of white and yellow gold, made up 5% of rings.
The Most Popular Engagement Ring StylesDrum roll, please! When it comes to engagement ring styles, a diamond in a white gold setting was the stand-out with 49% of our survey respondents choosing this combination. Diamond and yellow gold engagement rings came in second with 25% of engagement ring styles. Thinking of popping the question? We got the data from Australia’s biggest engagement ring study – find out much Australia spends. With both these styles being so popular, it can make it easier to narrow down your choices as you start searching for an engagement ring. For the stone itself, the most popular design was the ‘halo’ setting, which features a large middle stone surrounded by smaller stones. This design has become more popular over the past 10 years. A three-stone or trilogy design was the second most popular setting. This is an elegant style that pairs beautifully with a diamond wedding band for a complete look. This setting was closely followed by the classic solitaire ring which has a single centre stone on a plain metal band. A solitaire engagement ring is a timeless design and we’re confident it’ll never go out of fashion. 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.
The Proposal – Who’s Asking WhoNow we’re getting to the fun details – who proposed to who, how and with what. 80% of proposals were made using the actual engagement ring, so 20% of proposals were done using a stand-in ring or no ring at all. So, who’s asking? Unsurprisingly, the overwhelming volume of proposals were made by our male respondents. Of the men we surveyed, they popped the question 85% of the time. While women surveyed proposed 10% of the time. But most interesting, is that of everyone we talked to, 5% said the proposal was mutual. So, with men proposing most of the time using the actual engagement ring, it seems their partners are letting them know what type of ring they’d like, and leaving it to him to plan the actual proposal. Buying The Ring It seems many are still buying rings the “old fashioned” way, with 84% visiting at least one jeweller, with 20% visiting four or more jewellers before deciding on the perfect ring. What’s most interesting, is the amount spent on an engagement ring increases with the amount of research done by the purchaser. As people learn more about what goes into a quality engagement ring, they see value in spending a bit more. It could also suggest those with a larger budget want to make sure their money is well spent, and do more research. How Much Are Australians Spending On Engagement Rings? Let’s talk dollars. First up, we should start with budget. Most people had a budget in mind when they set out to buy an engagement ring. Of the people who had a budget at the outset, 77% stuck to it when buying the engagement ring. According to our survey, the average amount spent on an engagement ring in 2019 was $5,297.50. An increase from $2,579.65 about 10 years ago. 4% of survey respondents spent over $20,000 on their engagement ring, and 1.5% spent over $25,000.
What About The Old Engagement Ring Salary Rule?It seems that while everybody is aware of the ‘engagement salary rule’, our survey respondents were pretty divided on what the rule actually is. We found 20% of people think the rule is to spend one month’s salary, and 70% think the rule is three month’s salary. From our research, it seems the rule was originally three months until the 1930’s Depression, when it was De Beers Diamonds who, feeling a pinch in diamond sales, suggested men scale back and spend one month worth of salary instead. What do we think? Take it as a rough rule of thumb. At the end of the day, these ‘rules’ for buying an engagement ring were devised generations ago, when people married younger, home ownership was more affordable, and salaries more uniform, and it shows in the numbers – 72% of people completely ignore any ‘rule’ when buying their engagement ring.
Is There A Relationship Between Ring Cost And Income?There is a small but reliable relationship between annual income and ring cost. But as we go through the data, there are some individual cases that highlight 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.
Who’s Really Paying For The Engagement Ring?It’s no longer a safe assumption that the male (or just one partner) is solely responsible for paying for the engagement ring. In our survey, both people contributed to the cost of the engagement ring 20% of the time. This could mean a few things:
- The engagement ring is purchased after the proposal (and we know this only happens 20% of the time).
- Both partners discuss the engagement beforehand and put money towards the ring. And then one partner proposes at a later date.
- Some couples decide mutually to get engaged.