More Women Are Buying Their Own Engagement Rings, New Research Shows
Women are also shelling out more per diamond than their male counterparts.
According to new research, more and more women are purchasing their own engagement rings. In a recently released Diamond Insight Report from the iconic diamond group DeBeers, the number of women who bought their own engagement ring has doubled over the last five years. In early 2013, a mere seven percent of women were purchasing their own sparkler, compared to 14 percent in late 2017.
Beyond the increasing numbers of women covering the cost of their engagement rings, ladies are also shelling out more per bauble than their male counterparts tend to spend. Women expend an average of $4,400 for their own accessory, compared to the $3,300 figure men spend (on average).
The millennial market is part of the reason for this shift in spending. Currently, the biggest spending age demographic for engagement rings in the United States is the millennial generation, and they are increasingly looking to luxury international jewelry brands to supply their rings. In 2015, less than 30 perfect of the value of all engagement rings in the United States came from international suppliers, whereas that figure is closer to 40 percent these days.
Not only did the Diamond Insight Report highlight the shift in engagement ring spending, it also brought to light other shifts the world of engagements has seen over the past five years. DeBeers notes that the average engagement period is now five times longer than it was in 1980. However, not everything about engagements and engagement rings has changed. Diamonds remain the stone of choice for wedding-related jewelry; almost nine out of 10 engagement rings in the United States contain this gem type. "The notion of diamonds symbolizing love goes back to the Middle Ages as people have long sought out the most precious things to celebrate their most precious emotions," said the DeBeers Group CEO, reports Yahoo. "Our latest Insight Report highlights that this holds just as true today, even as other aspects of love—such as traditions, relationship roles and relationship types—continue to evolve."