Connect with us

Headlines

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.

mm

Published

on

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.

Video: Sharpen Your Bridal Jewelry Presentations
Jimmy Degroot

Video: Sharpen Your Bridal Jewelry Presentations

Video: Maximize on the Opportunities That 2020 Brought the Jewelry Industry
Jimmy Degroot

Video: Maximize on the Opportunities That 2020 Brought the Jewelry Industry

Video: Sales Management Master Class Taught by Jewelry Professionals Begins Feb. 16
Jimmy Degroot

Video: Sales Management Master Class Taught by Jewelry Professionals Begins Feb. 16

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.

Advertisement

“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].

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Most Popular