Many couples would like to know the average engagement ring cost so they can get an idea of what they need to save and then spend on an engagement ring. Although the average can depend on many things, jewelry experts in the United States say that the average amount couples spend on engagement rings varies between 2000 to 5000 dollars. However, such an average could be biased in many ways.
Why is the average so high?
People are spending more and more on engagement rings these days and it all comes down to a variety of factors that is influencing this trend.
Firstly, today couples are more likely to get married at a later stage when they have more financial security and better jobs. When I was growing up the average age people got married was around 22 or 23, now it is much later in life. Thus when a couple do decide to get engaged they already have the money and financial security to spend more on a ring.
Secondly, the diamond industry has been very successful in convincing people that they need to spend more, not less. There is a rumor going around that couples should spend at least two months’ salary on a ring, I wonder where that all started? In my opinion you should only worry about how much you can afford to spend, nothing else should be important.
Thirdly, people are wanting more and more bling. If you look at the history of rings the average engagement ring cost has gone up, not only because of inflation, but because rings have become more sparkly. Rings are now jam packed with more diamonds, gemstone and precious metal than ever before, I am sure that Rap music has had a big effect on this.
What should I spend?
There are a few factors which you should consider when deciding how much to spend on an engagement ring.
Firstly, What can you afford? If you have a lot of money they obviously you won’t be reading this page, because you won’t be worrying about it. However, if you are on a tight budget, only spend an amount you are comfortable with, forget about any average engagement ring cost.
Secondly, Does you appreciate expensive jewelry? I actually know some woman who would be happier to receive a holiday or save than spend money on expensive engagement rings. The same may go the other way too, maybe they only want something expensive. Make sure the person you give the ring to will appreciate what you paid for it.
Thirdly, you get what you pay for. If you buy a ring which is made from diamonds it is going to cost you money, if you choose a diamond substitute, it will be more affordable.
