(PRESS RELEASE)CHICAGO, IL — BriteCo, (brite.co) a leading direct-to-consumer jewelry and watch insurance company, has released new survey data that points to emerging consumer trends for purchasing engagement rings. In the lead up to the 2022 Spring engagement and wedding season, consumers show an increasingly positive attitude towards lab-grown diamonds – man-made diamonds that are chemically, physically, and optically the same as those mined from beneath the Earth’s surface. The study also found a significant increase in the amount of money spent on engagement rings.
BriteCo’s 2022 BriteCo Diamond Engagement Ring Report here outlines a number of trends in the consumer jewelry industry:
- The average expenditure for a diamond engagement ring increased to $7,011 in 2021, a 6.1% percent increase over the previous year. The share of lab-grown diamond engagement rings grew from 19% in 2020 to more than 24% in 2021.
- The average expenditure for a lab-grown diamond engagement ring rose from $4,037 in 2020 to $4,383 in 2021, a healthy increase of 8.6%; this data confirms that lab-grown diamonds are typically from 40% to 50% less expensive than natural diamonds.
- Survey data indicated that natural (earth-mined) diamond engagement ring spending increased from an average of $7,197 in 2020 to $8,053 in 2021, an increase of nearly 12%.
- The vast majority of engagement rings have diamond center stones, with the most popular weight for a center stone diamond ranging from 1.0 and 1.5 carats; the average center stone diamond size (measured in terms of carat weight) grew from 1.20 carats in 2020 to 1.32 carats in 2021.
- Expenditures for engagement rings are highest in the Mid-Atlantic region, averaging $9,343. In comparison, those who spend the least amount on an engagement ring reside in the West North Central region of the USA, averaging $3,831.
In the 2021 State of the Art Survey & Report, BriteCo found 60% of respondents spent between $2,500 and $10,000 or more on an engagement ring. 38% said the engagement ring was their single largest purchase outside of buying a home or car, with 81% opting to purchase their ring in-store.
“InStore magazine’s Big Survey in October 2021 indicated most jewelers are now stocking lab grown diamonds and seeing a growth in demand, particularly among younger customers,” said Dustin Lemick, founder and CEO of BriteCo. “With Millennials and Gen Z taking the stage as new proposers of marriage, we are seeing traditional preferences around engagement rings are changing to reflect their values. Young people are evaluating and buying lab-grown diamonds in greater numbers, but natural or earth-mined diamonds continue to dominate.”