People are Willing to Pay the Difference in Price for the Engagement Ring They Really Want
With Valentine’s day fast approaching, more and more images of well-manicured nails adorned with beautiful engagement rings are likely to be filling up our social media feeds. With the pressure mounting around the most romantic holiday of the year, there is no doubt plenty of increased activity for some around the planning and preparation behind what is arguably one of the biggest moments of our lifetime getting engaged.
27% of People are Willing to Pay the Difference in Price for the Engagement Ring They Really Want
Revealed: Our biggest concerns when it comes to proposing.
Whilst tradition states that the appropriate amount toÿspend on an engagement ringÿas three months of your wage, new research has revealed that a hefty price tag is no longer at the top of our list of priorities when it comes to giving or receiving an engagement ring.
The study, which was conducted by luxury UK jewellery retailerÿGoldsmiths, has shown that our preferences when picking out an engagement ring have certainly changed in recent years, with the type of metal used for the setting (50.3%) now taking more of a precedence than the size of diamond (36.9%). In fact, type of metal was more important to 59.5% of 45-54yo’s than size of diamond (31%).
Other concerns listed by those surveyed about the considerations they had taken into account when on the hunt for their perfect ring included the overall design of the ring, whether it was practical, and whether their intended would like the ring – or worse, if their potential fiance would actually accept their proposal.
Perhaps one of the less aesthetic based qualities concerning UK ring shoppers, was whether the diamond had been ethically sourced or not. In fact, almost a third of 18-24-year olds stated that this was an essential selling point for them when picking out an engagement ring.
One of the biggest obstacles faced by those planning a proposal is, of course, being able to subtly find out their partners ring size without giving the game away, as well as ensuring that if they do brave this aspect, that the ring they pick is to their partners taste.
In order to avoid said tribulations, nearly half of UKÿproposers opt to forgo pickingÿa ring out blind, instead opting to make the decision with their other half.
This is perhaps the safest option for both parties, as out of those who admitted not liking the style of ring their partner had gifted them, 27.3% were honest enough to share that they would be willing to pay the difference in price for the ring they really wanted and 19.2% of their partners said they’d make them fork out to do so.
When it came to proposing, men listed their biggest concerns other than the cost of the ring as: nerves (26.6%), keeping the event a secret (23.6%), finding out their ring size (22.8%). Women on the other hand, shared that finding out their ring size was their key concern (21.2%), followed by lack of knowledge regarding the ring (20.1%), keeping the proposal a secret (19.7%).
The data also revealed that even the most carefully planned out proposal can have its complications, with a fifth of those surveyed sharing that they had proposed at an unplanned location due to things not going to plan. Nerves too can prove problematic, with the anticipation proving to be much for 10.2% of UK proposers who admitted to throwing up at least once during the process.
Those hailing from Sheffield admit that nerves were the biggest worry when proposing (36.4%), whilst for Londoners, the biggest worry is family not approving of the relationship (20.4%). In regard to splashing the cash, the cost of the ring was most important to Belfast residents (54.5%), whilst 60% of those from Edinburgh stated they were least likely to be interested in this element.
Craig Bolton, Executive Director fromÿGoldsmiths commented on the findings:
It’s not unusual to have nerves when it comes proposing or even being proposed to. Adhering to tradition is a subject that has been hitting the headlines in recent years, with a number of people debating whether we should still follow rules set many years ago.
Tradition isÿstill a big thing for many of those looking to propose, most likely because it allows you guidelines if you find yourself swamped in a lack of knowledge. Our experts have certainly heard some interesting stories when it comes to people’s ideas around both diamonds and engagement rings, and there are definitely noticeable trends in the planning and proposal process that seem to take the nation by storm.
It’s great to see the growing interest, especially among the younger generations, in how diamonds are sourced too. We pride ourselves on this by ensuring our diamond suppliers have signed up to theÿKimberley Process which guarantees our diamonds are ethically sourced.
Our advice when you’re looking to invest in an engagement ring is do what works for you. Don’t worry what you think is expected of you, stick to a budget and remember their tastes and don’t panic, size isn’t everything.
Make sure you download your FREE wedding planning pack here
