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And the Average Cost of an Engagement Ring This Year Is …

Published

6 years ago

June 13, 2017

INSTORE Staff

Overall wedding costs are down.

The average price paid for an engagement ring in the first quarter of this year was $3,406, according to new data released by research firm The Wedding Report.

That was virtually unchanged from 2016, when the average cost over the full year was $3,407.

Spending on wedding bands was also flat.

The average price of a woman’s band in first-quarter 2017 was $785. That compared with $786 in 2016.

The price of a man’s band was unchanged at $456.

The average amount U.S. couples were spending on their wedding as of first-quarter 2017 was $25,961. That represented a 2.8 percent decrease from the 2016 figure of $26,720.

The Wedding Report noted: “While average spending for most items remained flat, the reason for the decline in overall spending is due to falling demand for services like, transportation, entertainment, and beauty. Couples seem to be looking for alternatives or other options, [rather] than the traditional route, for these services.”

The figures were based on responses from 3,401 couples.

Read more at The Wedding Report

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”