How much UK couples are spending on engagement and wedding rings

We recently surveyed Brits on their engagement and wedding ring spending habits, and found that couples spent 19% less on engagement rings in the last five years compared to the previous five. But even a budget friendly ring can be expensive to replace so its a good idea to consider insuring you precious possession.

Our research also discovered…

• 18% more couples chose engagement rings that cost less than £500 in the last five years versus five to 10 years ago
• The younger generation have spent the most on engagement and wedding rings, averaging £1,473 and £2,827 respectively over the last 10 years
• Londoners are more likely to splash the most cash, with an average wedding ring costing £2,778 over the last decade

In today’s tough economic climate and with the spiralling costs of the big day, couples are struggling to make their salaries stretch, so to cut costs they are cutting the carat.

The table below shows the average spend on engagement rings and wedding rings five to 10 years ago versus the average spend over the past five years:

18% more couples who bought engagement rings in the last five years spent less than £500, while 8% more opted for wedding rings costing less than £500. So brides hoping to secure a sparkler like Amal Clooney’s, which has hefty price tag of £450,000, may be sorely disappointed.

Saying no to tradition, those who bought or received an engagement or wedding ring are parting with social pressures of the past such as spending three months’ salary on an engagement ring, with 47% saying their ring spend equated to less than three weeks’ salary. Meanwhile, 13% of couples chose to buy rings valued at less than one week’s wage.

Millennials who have proposed or tied the knot are the ones blowing the big bucks on engagement and wedding rings. Over the last decade, the average 16-24-year-old spent £1,473 on an engagement ring and £2,827 on a wedding ring – making them the biggest spending age group. In contrast, 45-54 year olds are spending the least on wedding bands, averaging out at just £691.

At a regional level, Londoners top the chart for the most spent on wedding rings over the last decade (£2,778), while couples in Northern Ireland have spent the most on engagement rings, averaging £1,722. Couples in Scotland, on the other hand, are spending the least on rings, with an average wedding and engagement ring costing just £563 and £862 respectively.

Rob Basinger, head of UK at jewellery insurer Protect Your Bubble said: “Brits getting ready to take the plunge might have smaller budgets today than they did 10 years ago, but that’s not to say wedding and engagement rings are any less important now than in years gone by.

“It’s always worthwhile shopping around for rings – even if you’re looking for something in a more modest price range – as cost doesn’t always equal quality. You can save hundreds of pounds by shopping online and spending time looking at what is on the market, or going to an independent expert who can offer guidance and advice to help you pick the right ring for your budget.

“Once you’ve found the perfect ring, you should start thinking about investing in the correct cover for it. As one of the most precious pieces of jewellery you’ll own, keeping your engagement and wedding rings insured is key to avoiding potential upset later down the line.”

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Survey of 1,235 UK adults who have bought or received an engagement or wedding ring commissioned by Protect Your Bubble via Censuswide. Data collected 22/03/17 – 24/03/17.