South West couples spend the most on engagement rings, research reveals
11 Aug 2020
Research by Hatton Gardens based jeweller, Diamonds Factory, has revealed which regions spend the most when popping the question
The age-old question of how much to budget for an engagement ring is often determined by the tradition of calculating your three months' salary – however, with the average wage differing across the country, how does the cost differ throughout the UK?
The team at Diamonds Factory have surveyed over 2300 people to find out a series of truths about the costs of engagement rings, including how much people think they should be spending and the regions that spend the most.
The result showed that the South West spends the most on engagement rings, an average total of £3784.
Second are those from Greater London (spending £2335), followed by Northern Ireland (who spend £2272).
In fourth place is the South East (£1877) followed closely by Yorkshire and the Humber (£1769).
With an engagement ring regarded as one of the most expensive one-off purchases that you will ever make, Diamonds Factory also identified whether age, or gender plays a part in how much you think you should be spending on a ring.
The figures showed that 18-24 years olds spend on average £1446, 25-39 year olds spend on average £1911, 40-54 year olds spend on average £1283, and 55 and overs spend on average £3610.
Ben Stinson, Head of eCommerce at Diamonds Factory, said: “It’s very interesting how customers are seeking out value, and getting more for their money without spending the standard ‘three month’s salary’ rule. With a big shift from traditional jewellers moving online, we’ve found customers are doing more research themselves, in finding exactly what they want - this doesn’t always mean spending big. There are some regional surprises as well. There’s an undeniable expectation that London has the greatest spending power but in actual fact it’s been overtaken by the South West.”