Engagement-Ring Demand Drops in 2018 - Survey

RAPAPORT... Fewer US consumers bought jewelry for their wedding in 2018, while the number of couples opting for an engagementring also dropped, according to The Wedding Report. The proportion of couples that bought an engagement ring when getting married fell 1.1% in 2018, with 87% purchasing one, according to a survey by the market-research company. Demand for women's wedding bands also declined, with 86% buying them, down 2.3% year on year. The average amount couples spent on engagementrings decreased 0.4% to $3,388, while the average price of women's wedding bands slipped 0.9%to $775. The average total wedding cost in the US fell 4% to $24,723, thelowest figure since 2009. "The bad news is that couples are not spending more despitea relatively good economy," The Wedding Report noted. "It's the [reduced] demand fortraditional wedding expenditures that is driving the lower overall spending." Almost every category saw lower demand, according to thereport. Only event location, food and decorations saw an increase, showing thatmore couples are looking for an experience rather than a traditional wedding,the report added. Image: A man proposing to his girlfriend. (Shutterstock)