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Americans Don’t Spend Anywhere Near 2 Months’ Salary on Engagement Rings, Survey Finds

They shell out 4 percent of annual pretax income, on average.

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The typical American spends two weeks’ pay on an engagement ring, according to a new survey.

That equates to 4 percent of annual pretax income. The median spend in the poll, conducted by Morning Consult for The New York Times, was $1,900.

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Of course, there were a few big spenders: 7 percent of respondents shelled out more than $10,000 for a ring. Prices were adjusted for inflation based on the year of purchase.

The online poll included 1,600 adults.

The results suggest that the “two months’ salary” popularized by industry marketing “is very much much an illusion,” the Times reports.

Amanda Gizzi, spokeswoman for Jewelers of America, told the newspaper: “That guideline has sort of been tossed out the window.

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“It’s not anything anyone in the industry promotes today.”

Another recent survey found higher spending levels for engagement rings. Brides’ American Wedding Study found that the typical couple spent $7,829 in 2018.

Read more at The New York Times

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

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