Engagement Ring Statistics for 2020 December 19, 2018 – Posted in: Jewelry Blog
This research on engagement ring statistics was last updated on July 22nd, 2020. Our hope is that this data will enable couples to make a more informed decision before purchasing their engagement ring.
See below for how and where we got our data from.
- Summary of Engagement Ring Statistics
- Engagement Ring Budget Priority
- Engagement Ring and Lifestyle
- Existing Debt and Engagement Ring Shopping
- Google Searches of “Engagement Ring”
- How we Got our Data?
Engagement Ring Statistics from 2020
Here are some of the most noteworthy statistics that we compiled based on our research. See below for sources and techniques of how we gathered our data.
- The average engagement ring budget in the USA during the year of 2018 is $7,400. This is higher than the 2017 average of $6,351.
- Only 24.4% from those who answered our questionnaires would set aside a “large budget” towards their engagement ring
- The average couple in the USA spends three and a half months searching for their engagement ring
- More than 70% of the people searching for an engagement ring have existing debt
Engagement Ring Budget Priority
From the 10,000’s of couples who we surveyed in 2018, 24.4% of them said that they have allocated a High Budget towards their engagement ring. 54.8% of those surveyed said that they have allocated a Medium Budget towards their engagement ring. Only 21.8% of the people asked said that they allocated a low budget towards their engagement ring.
Of course, this data only represents a relative figure that can only be understood based on each couple’s personal budget. This statistic, however, belays the importance that couples in 2018 are placing on their engagement rings.
Engagement Ring and Lifestyle
Part of our questionnaire asks the couple’s to gauge their lifestyle. The options were between modest, average, upper class, and luxury. This graph represents their answers and also give insight into the self-projection of where people think that they are holding when in the search for an engagement ring. The overwhelming majority of couples felt that their lifestyle was average.
Existing Debt and Engagement Ring Buyers
Like some of the earlier graphs, this statistical chart gives relative data instead of numerical data. The amount of debt isn’t a set amount but rather a relative amount as defined by the survey-takers expectations and opinion.
Only 28.4% of the couples surveyed had no debt. The remaining 71.6% of people looking for an engagement ring already had existing debt.
- 27.7% of the people asked had “very little” debt
- 35% of the couple said that they had an “average amount” of debt
- 8.9% of the people searching for an engagement ring had “a lot” of debt
Google Searches of Engagement Ring
This data chart is interesting. It shows the popularity of the keyword “engagement ring” over the years. It starts in 2004 and runs until 2018. The popularity of the keyword has stayed more-or-less in the same place. There was a rise between 2009 – 2012. The keyword has slowly been decreasing since 2012.
Note the steep dip in March of 2020 due to quarantine.
Important Note: It could be that the searches have gotten smarter and more people are typing more complicated searches into google instead of the simple catch-all “engagement ring”. Couples are probably typing something like “3-carat vintage engagement rings” into Google instead.
How do we get our Data?
Estate Diamond Jewelry has been in business since 1981 and has a large network of buyers. Because we focus on ethical jewelry and vintage engagement rings, our niche is limited and our personal data doesn’t reflect the market as a whole. It is for that reason that we discarded our own data and began collecting data from a fresh angle.
In 2016, we created an online engagement ring budget calculator that has so far quizzed 10,000’s of potential engagement ring buyers. The form helps couples discover an appropriate budget when shopping for their engagement ring. After discounting the outlying and erroneous data, we have managed to discover fantastic data that sheds a lot of light on the engagement ring.
In 2017, we created another form called the engagement ring finder. This form helps couples find their dream ring. They input what type of ring they are looking for and we search for them. We always encourage our potential customers to buy vintage, but the results aren’t limited to the niche.
Some of our data is also collected from other jewelry stores and websites.
We used Google Trends to determine our search-based statistics.
Are you a jewelry fanatic? Feel free to follow us on Instagram.