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Average Engagement Ring Spend Surges 56%, Survey Finds

The typical spend in 2018 was $7,829, according to a Brides magazine survey.

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THE AMOUNT BRIDAL COUPLES spent on their engagement rings surged nearly 56 percent in 2018, according to Brides‘ American Wedding Study. The surprising climb — from $5,023 in 2017 to $7,829 in 2018 — may reflect a demand for more ornate setting styles and larger center stones.

The engagement ring stats were part of a broad-based survey that also revealed the cost of an average wedding zoomed to an all-time high of $44,105, as more and more couples sought new ways to personalize and extend their celebrations.

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Brides’ 2018 survey was designed to reveal key insights into the latest trends, behaviors and spending habits for weddings in America, based on responses from 850 brides-to-be or newly married women.

The Knot, which usually publishes its bridal survey at the end of February, reported in 2018 that the average spent on an engagement ring in 2017 was $5,764, down slightly from $6,163 in 2016. It will be interesting to see if The Knot’s new stats will reflect startling upward movement, as well.

“Spending is way up across categories, proving that while couples are doing things their own way, they are still prioritizing celebrating their marriage,” said Lisa Gooder, executive director, Brides. “More than ever, couples are savoring the whole process, from engagement to honeymoon and beyond, by celebrating with more events, trips, and professional photos or videos to capture the moments.”

The Brides report emphasized these emerging trends: In 2018, 9 percent of couples took a wedding-moon (pre-wedding trip) together; 31 percent hosted multi-day wedding weekends (up from 20 percent in 2017); 39 percent had a post-reception after-party (up from 20 percent in 2017); and 14 percent of brides wore a second look for their after-party (up from 7 percent in 2017).

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Here’s how the 2018 American Wedding Study breaks down the expenditures for an average wedding:

  • Catering: $12,242
  • Reception: $9,764
  • Engagement ring(s): $7,829
  • Photography: $3,133
  • Rentals: $2,920
  • Rehearsal dinner: $2,775
  • Flowers: $2,629
  • Wedding planner fees: $2,481
  • Reception music: $2,380
  • Dress: $2,260
  • Videography: $2,180
  • Wedding ring(s): $1,890
  • Post-wedding brunch: $1,503
  • After-party: $1,325
  • Wedding day transportation: $1,275
  • Other decor: $1,183
  • Day-of-wedding beauty for bride and bridal party: $944
  • Invitations, announcements, thank-you cards, etc.: $917
  • Ceremony: $651
  • Groom’s attire: $602
  • Cake: $547
  • Favors: $422
  • Gifts to bridesmaids: $419
  • Gifts to parents: $386
  • Veil: $316

KEY FINDINGS

  • Average age of bride: 28
  • Average age of partner: 29
  • Average number of bridal attendants: 5.4
  • Average number of groomsmen: 5.3
  • September and October are the most popular months to get married (32%).
  • The majority of couples get married on Saturday (68%), followed by Friday (16%), and Sunday (9%).
  • Average number of guests: 167
  • 83% of brides opted for a white/off-white wedding dress (down from 92% in 2017).
  • 17% of couples have a destination wedding.
  • 97% of brides say their fiancé is involved in planning the wedding, and of those, 36% are very involved.
  • Although 92% set a budget (vs. 90% in 2017), 45% of those who do spend more than they planned (vs. 34% in 2017).
  • 87% of couples went on a honeymoon/mini-moon, up from 77% in 2017.
  • More couples are taking engagement photos than ever, up to 80% from 66% in 2017.
  • More couples are having a post-wedding brunch; 41% vs. 31% in 2017.
  • Engagement parties are on the rise, with 38% of couples saying they had one, up from 32% in 2017.
  • 28% of couples got engaged on a holiday or special occasion, up from 12% in 2017.
  • December has the most engagements at 14%.

SOCIAL MEDIA

  • 23% met their partner on social media, through a dating app, or an online dating site.
  • 82% report using social media to find inspiration/their wedding style.
  • 87% of brides report using Pinterest as an inspiration source for their wedding.
  • 76% of brides report using Instagram as an inspiration source for their wedding.
  • 20% of brides report using Facebook as an inspiration source for their wedding.
  • 70% use social media to find and follow vendors.
  • 60% follow wedding brands/products they’ve already purchased/booked.
  • 57% search social media by hashtag to view photos of other weddings (up from 37% in 2017).
  • 48% use social media to purchase items for the wedding (bridesmaids dresses, invitations, beauty products, etc.).
  • 46% post photos/updates/stories throughout the planning process (up from 40% in 2017).
  • 54% of brides say most of their friends learned of their engagement through social media.
  • 70% create a custom hashtag for guests to use at the wedding (vs. 51% in 2017).
  • 48% create a custom hashtag for their wedding-related events (i.e., bachelorette party) vs. 36% in 2017.
  • 35% create a custom Snapchat geofilter for their wedding (vs. 17% in 2017).
  • 9% ask guests not to post photos of their wedding on social media.

WEDDING TECH

  • 94% of couples incorporate technology into their wedding planning in some way.
  • 80% create a wedding website for guests.
  • 67% use a wedding planning app (i.e., checklists, budget trackers).
  • 53% allow guests to RSVP to wedding and/or wedding-related events via email or wedding site.
  • 27% send digital invites to wedding-related events (i.e., shower, bachelorette, engagement party, etc.).
  • 26% use high-tech devices for photographing their wedding (i.e., drones, GIF photo booths, GoPros, etc.).
  • 10% send digital invites as save-the-dates.
  • 7% have a live feed of wedding hashtag displayed at the reception (i.e., Instagram photos, tweets, etc.).
  • 6% send digital invites to wedding ceremony or reception.
  • 5% live-stream their ceremony for out-of-town guests.
  • 4% offer charging stations for guests at their wedding.

Howard Cohen is the Shoreham, NY-based editor of The Jeweler Blog, a daily blog ghost-written for retail jewelers. Cohen, a long-time industry veteran, is dedicated to making social media tasks simple and affordable for every jeweler. For more information, visit thejewelerblog.com or contact Cohen at 631-821- 8867, hscohen60@gmail.com. Websites: thejewelerblog.com, thejewelerblog.wordpress.com.

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Jewelry Insurance Startup Firm Raises $2M

The founder is a third-generation jeweler.

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BriteCo, a jewelry-insurance startup company, announced a $2 million seed round.

The round’s investors include Brian Spaly, the founder of Trunk Club; and Jeff Taylor, the former chairman and CEO at Cole Taylor Bank.

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The firm provides verified appraisals and immediate replacement coverage by HDI global, an A-rated insurance carrier, according to a press release.

“As a third-generation jeweler, my family and I have a long history delighting customers and helping them celebrate moments of joy in their lives,” said Dustin Lemick, BriteCo founder and CEO.

“But the jewelry buyer is changing rapidly. Millennials now represent the largest jewelry buying demographic, and their expectations are different from those of prior generations. BriteCo helps jewelers by providing them with the optimal blend of online convenience and personal attention.”

Lemick and his family have owned and operated retail jewelry locations in the Chicagoland area for over 60 years.

BriteCo explains that its coverage has no deductible, automatically updates protection each year using advanced price analytics and predictive models, and offers a streamlined claims experience. It also “offers an easy to use, cloud-based Appraisal Management System (AMS) that is faster and more accurate than the jewelry industry’s traditional manual processes,” according to the release.

“What Dustin and his team have accomplished in such a short period of time is amazing,” said Jeff Taylor, one of the company’s investors. “Getting BriteCo licensed in virtually every state before officially launching is a testament to their hard work and the professionalism with which they’re approaching this big challenge.

“I’m excited to be a part of their push to modernize the jewelry insurance and appraisal process and to help millions of people across the US protect their most valuable possessions.”

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Fugitive Jeweler Arrested in $2B Fraud Case

India is seeking to extradite him.

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Nirav Modi, the billionaire jeweler who’s suspected in a $2 billion fraud case in India, has been arrested in London, The Telegraph reports.

He was arrested on behalf of Indian authorities, and he appeared Westminster Magistrates’ Court to fight extradition to India, according to the newspaper.

In court, he “spoke only to confirm his details and to refuse to submit to extradition” related to embezzlement allegations, The Telegraph reports.

He’s due in court again on March 29.

Modi had been staying in a high-dollar apartment in London’s West End, according to the newspaper.

Last year, The New York Times described Modi as being “on the run” and noted that figuring out his location had become something of a “national pastime” in India.

He remained at-large despite Interpol’s issuance of a reed notice for his arrest in July, according to The Telegraph.

Modi is at the center of a fraud case involving Punjab National Bank, where employees are “suspected to have steered fraudulent loans” to Modi’s businesses, Reuters has reported.

Modi has apparently been involved in a new new diamond business in the UK, according to The Telegraph.

Read more at The Telegraph

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This 13-Carat Pink Diamond Just Sold for $8.7M+

The sale represents a dollar-per-carat price of $656,933.

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Gem Diamonds Ltd. announced that a 13.33 carat pink diamond recovered at the Letšeng mine in February has been sold for $8.75 million.

The sale represents a dollar-per-carat price of $656,933.

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That’s a record for a Letšeng diamond, according to a press release from Gem. The company owns both the Letšeng diamond mine in Lesotho and the Ghaghoo mine in Botswana.

The diamond sold on tender in Antwerp. Gem did not reveal the identity of the buyer.

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Yahoo Finance reports that Gem mined about 127,000 carats of diamonds last year.

That amounts to under 1 percent of the worldwide total, making the company a relatively small player compared to industry titans such as Alrosa and De Beers.

 

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