Choosing an Engagement Ring: Buyers Taking Less Than 15mins for the Big Purchase
Selecting the perfect engagement ring is one of life’s big decisions. But according to new data from Jewellery retailer; Diamonds Factory; the average purchase time is just 14 minutes.
And on top of this, according to the data, the older the customer, the quicker the purchase time…
- 16-24 are taking on average 20 minutes to complete their purchase
- 35-44 are taking on average 11 minutes to complete their purchase
- 45-54 are taking on average 5 minutes to complete their purchase
Of course, not everyone is so speedy with their selection. 1 in 5 buyers took a far longer period to decide what ring would be the best fit for their partners. Indeed, almost one-fifth of customers returned to the purchasing site 2-4 weeks after their initial visit to make their final purchase – that’s a lot of contemplation.
“Pop the question in style”
The research has also revealed the average cost of the rings being purchased is down by almost £400 since last year. However, as a whole, more is being spent on engagement rings – meaning a larger quantity of cheaper rings are being purchased.
So does this mean that this major life event is becoming less of a priority for the younger generation? The evidence suggests that is the case, with more than 69% of purchases this year alone being made by people over the age of 34.
That said, the younger demographic like to pop the question in style, spending 10% more on engagement rings than any other age group.
The new data also revealed which areas of the country were spending the most on engagements rings in 2019, with the Yorkshire and North East region coming fifth overall.
The top Five regions spending the most on engagement rings
- West Midlands
- South East
- North West
- North East
Ben Stinson, Head of Ecommerce at Diamonds Factory said: “It is really interesting to see that people are waiting until later in life to get engaged, as it suggests that the younger generations are seemingly less interested in relationships and more focused on living their lives before settling down and tying the knot.
Those who are getting engaged earlier on however; the 18-24 year olds, are working with smaller budgets which possibly suggests that these are more spontaneous proposals as opposed to something more planned and thought out.
We are looking forward to see how spending trends continue to change and the age groups of people getting engaged diversify and shift throughout the years.”