Average engagement ring spend up by 89% in last year

The average amount spent on engagement rings has increased dramatically. Find out just how much Brits are spending...

British couples are spending almost double last year's UK average on engagement rings, new research has revealed. 

Jewellery insurance provider Protect Your Bubble has reported that couples who got engaged in the last year spent an average of £1,483 on the all-important ring, compared to last year's £785 - which was 19% less than the average spend five years previous. 

However, despite the growing trend for pricier engagement rings, the tradition of spending three-months' wages on the ring seems to be completely outdated now, with Brits forking out less than 78% of their earnings on average.

Still, the pressure is on to pick the perfect engagement ring and proposal spot with a third of respondents claiming the ring is the most important aspect when popping the question and 11% admitting they would decline the proposal if the setting wasn't right.

James Brown, director of Protect Your Bubble, says: “This hefty increase in the amount that Brits are willing to spend on engagement rings could be a sign that consumer confidence is finally returning to the luxury goods market. This increase will certainly come as welcome news to the jewellery industry, which will have felt the pinch following the Brexit referendum."