Have you already thought about how much you are willing to spend for the diamond engagement ring that you will be proposing to your future wife with? It is important to have a figure in mind as when confronted with the myriad of beautiful rings, one can easily get carried away.
But how much has actually been spent on average on a diamond engagement ring in the UK in the past years? That is a question we are going to answer below and that will serve as a guideline for you as to what is expected.
- What are people spending on a diamond engagement ring in the UK?
- Why has the budget changed over the past decade?
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What are people spending on a diamond engagement ring in the UK?
An insurance company in the UK, called Protect Your Bubble, surveyed over 1200 people to understand what they had spent for an engagement ring. It turned out that over the past decade, people have considerably lowered their budget for a diamond engagement ring.
When 5 to 10 years ago the average budget was 1333£, it appears that the past couple of years, this amount has decreased by 19% to an average of 1080£.
What is interesting though is that this amount does vary slightly from one region of the UK to the other. Londoners being the ones that are most likely to spend a lot of money for a diamond engagement ring, with an average as high as 1500£.
Why has the budget changed over the past decade?
The legendary 3 months’ salary rule to be spent on an engagement ring is becoming obsolete. Although it was the trend in the 80s and 90s; with today’s inflation, currency conversion and more modern take on weddings as a whole, it is no longer considered a rule that has to be followed.
In fact, the budget for a diamond engagement ring has changed over the past decade for various reasons.
The main reason would probably be today’s economic climate, which is overall very different from the climate 1 or 2 decades ago. People are not willing to put as much money in one engagement ring, because of all the other expenses that are related to the wedding, the honeymoon and the new life together after the celebrations.
Furthermore, although the meaning of marriage remains as important to people as it was years ago, there seems to be a shift in mentalities regarding the engagement ring per se. It is more of a symbol of love than a status of wealth.
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