Engagement-Ring Budgets Stable During Pandemic

RAPAPORT... The pandemic has altered how US consumers shop for engagement rings, rather than having a major impact on the amounts they spent, according a survey by wedding resource The Knot.Proposers made greater use of online tools during Covid-19, for example, by spending time researching rings on the internet or connecting with jewelers on social media, the organization said Thursday in its 2020 Jewelry & Engagement Study. As a result, nearly a third of engagement-ring purchases happened online, though 63% still occurred in person, either at a local jeweler (51%) or a national retailer (33%).Still, 86% of couples said the virus had not impacted their spending. The average cost of an engagement ring stood at $5,500 - a relatively moderate decline of 7% from $5,900 last year, The Knot noted. In the unprecedented conditions, proposers found themselves under pressure because of limitations on in-person shopping and the need to plan the occasion quickly to keep up with the constantly changing situation. Some 83% felt an expectation to create a highly unique proposal in 2020, up from 75% in 2019, while nearly half had to change their original plans, for example by rethinking the location, date, or whether to include their loved ones.Furthermore, those popping the question visited just two retailers on average in 2020, compared with three in 2019, and viewed only eight rings, versus 15 last year."Despite challenging times and changes to many original proposal plans due to Covid-19, couples around the nation continued to strengthen and progress their relationships, showcasing how even in the most challenging times love cannot be canceled," commented Kristen Maxwell Cooper, The Knot's editor in chief.The Knot based its findings on a survey of more than 5,000 US adults aged 18 to 54 who got engaged between April and November 2020.Image: A diamond engagement ring. (Shutterstock)