Average man spends less on engagement ring than five years ago

24 Sep 2014

Average man spends less on engagement ring than five years ago

New research by a money saving website in the UK has revealed the average spend on an engagement ring has fallen in the past five years

New research by a money saving website in the UK has revealed the average spend on an engagement ring has fallen in the past five years, with more would-be grooms seeking to save money on their future wife's engagement ring. Lack of finances and partner’s requests not to spend too much were voted among the top five reasons why grooms are seeking cheaper rings.

As many as three in five British grooms search for discounts and deals on engagement rings prior to making a purchase, with the average spend on an engagement ring falling significantly from the equivalent amount spent five years ago. 

www.VoucherCodesPro.co.uk conducted the study as a result of a rise in searches for engagement ring discounts; 1,736 UK men took part in the study, half of whom had bought an engagement ring within the past six months and the rest had bought a ring and popped the question five years ago, in 2009. Respondents answered questions about the amount they spent on an engagement ring and what influenced their spending decisions.

All respondents taking part were initially asked, “how much did you spend on your partner's engagement ring?” Those who bought a ring recently had an average spend of £1,190, compared to those who bought a ring five years ago whose spend averaged £1,845.

After disclosing an average spend of £1,190 on an engagement ring, respondents who had proposed in the past six months were asked to disclose whether they had looked for or used discounts when buying an engagement ring. Two thirds of these respondents (68%) revealed that they had done, with only 32% stating they had not checked for offers whilst in the process of finding an engagement ring. 

The respondents who had previously indicated that they had looked for or used discounts when buying their ring were asked to identify all of the reasons why they had wanted to save money when buying the ring and presented with a list of potential answers. The answers were compiled by researchers, with the top five reasons to look for discounts when buying an engagement ring revealed as follows:

1.      Limited by a lack of available finances – 61%

2.      My partner didn’t want me to spend too much – 37%

3.      I always look for discounts on all my purchases – 29%

4.      Engagement rings can be a waste of money – 55%

5.     Engagement was rushed; no time to save – 16%

All relevant respondents who had used a discount when buying the engagement ring were then asked to disclose whether their partner knew they had used a discount, to which the majority  of respondents (78%) revealed that their partners did not know about it. Only 22% of the respondents’ partners were aware that money had been saved on the purchase.


George Charles, of VoucherCodesPro.co.uk, said: “There's a stigma in society that a man has to spend a fortune on an engagement ring for their partner, with the tradition that the ring should cost the equivalent of three months’ wages. Our research, however, shows that the need to flash the cash is slowly vanishing following a dramatic fall in the past five years according to the groups’ average spends.
“Let's be honest, it’s widely viewed as a good thing to bargain hunt and get a good deal for general purchases, so why not with an engagement ring? Of course it has a lot of sentimental value, but as long as you still put time and effort into choosing the right ring, I believe the fact that more men are using discounts for this once-in-a-lifetime purchase is a good thing. Describing it as a waste of money, though, is a different story…!”

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