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The Average Cost of an Engagement Ring Was $2,500 - $5,000, According to Jewelers Mutual Study December 06, 2024 (0 comments)
Neenah, WI--Jewelers Mutual Group has released findings from its latest engagement ring study that examines the evolving preferences and behaviors of more than 1,500 engagement ring shoppers and wearers.
“Our recent research showcases how consumers are currently approaching engagement ring purchases and the value they place on protecting these meaningful pieces,” said Krystle Craycraft, senior VP of Marketing and Digital at Jewelers Mutual. “Staying up to date on the latest trends is critical for Jewelers Mutual as we guide jewelry owners toward confident and informed decisions at every stage of their jewelry journey.”
Key findings from the study include:
Average Cost of an Engagement Ring in 2024: The average range for engagement ring value among respondents* was between $2,500 and $5,000. On average, the engagement ring is the 3rd most expensive item consumers own behind their home and car.
Engagement Ring Shopping Together: Nearly half of respondents (46%) are choosing to shop for their engagement rings with their significant other, reflecting a shift towards collaborative decision-making in ring selection.
Research and Planning: An impressive 8 out of 10 engagement ring wearers research rings before making a purchase. Across the board, the study shows that engagement ring purchasers tend to start their research 1-3 months before buying, whether they’re buying at traditional jewelry stores, online or through custom designers.
Everyday Wear, Travel and Vulnerability: Half of engagement ring wearers wear their ring daily, and the majority travel with their rings. Respondents indicated that over 90% of ring losses and over 70% of ring damage happen while traveling.
Growing Role for Insurance in Jewelry Ownership: Engagement rings are often the first significant piece of jewelry insured by their owners. The study reveals that the strongest influence to protect the engagement ring comes from their jeweler. This trend is particularly strong among younger generations, who are more inclined to secure specialized jewelry insurance than older generations.
When is the right time for jewelry insurance? Jewelers Mutual recommends insurance as soon as possible after purchasing the ring to ensure it is covered should loss, theft or damage occur. Go to the Jewelers Mutual website for the complete engagement ring study.